MACC freezes 14 accounts in RM300mil investment fund probe

A source says nearly 1,700 investors are believed to be affected.

MACC chief commissioner Azam Baki said that two investigation papers had been opened, with the focus now on tracing misappropriated funds.

PETALING JAYA:

 The Malaysian Anti-Corruption Commission (MACC) has frozen 14 bank accounts as part of its investigation into the alleged misappropriation of nearly RM300 million in funds linked to a prominent investment expert bearing the title “Tan Sri”.

A source said two individuals had been arrested so far, with five premises around the Klang Valley raided on Wednesday and Thursday.

“Preliminary investigations found that about 1,700 individuals had invested almost RM300 million into two companies between 2021 and 2024.

“However, checks revealed that the funds were allegedly misappropriated and used for purposes outside what had been agreed in the investment contracts,” the source said.

When contacted, MACC chief commissioner Azam Baki confirmed that two investigation papers had been opened and that the focus now was on tracing the misappropriated funds for later recovery.

“The investigation involves officers from the MACC’s financial analysis division and its anti-money laundering prevention division,” he said.

Azam said the commission is still awaiting feedback from banks on the balances in the frozen accounts and expects more accounts to be frozen once the fund-tracing process is completed.

The MACC began probing the well-known investment figure after receiving information on alleged misappropriation involving about RM10 million.

However, investigators now believe the losses could run into hundreds of millions of ringgit.

On Thursday, the Putrajaya magistrates’ court allowed the MACC’s application to remand a man in his 60s, who bears the title “Tan Sri”, for four days until tomorrow to assist in investigations under Section 18 of the MACC Act 2009. - FMT