Businessperson Victor Chin issued a long statement regarding an ongoing anti-money laundering probe, alleging that authorities froze over 500 bank accounts linked to him, causing widespread collateral damage to third parties.
Chin (above) alleged that the police's Anti-Money Laundering Special Task Force acted unreasonably in its investigation, affecting not only him but also his associates, investors, and businesses connected to him.
“With each passing month, the police under Bukit Aman’s Anti-Money Laundering Special Task Force have become increasingly unreasonable in their investigation towards me,” said Chin, who was accused of being an alleged member of the "corporate mafia".
Chin reiterated he had cooperated fully with the police, including returning to Kuala Lumpur on Dec 29, 2025, to provide a statement, after which, he was remanded for three days.
“I have followed the law. I have not done anything wrong,” he stressed.
However, Chin claimed authorities continued to freeze accounts and raid properties linked to him, likening the actions to an “intensive aerial bombardment exercise”.
“To date, more than 500 accounts have been frozen, whether suspected to be linked to me, or simply because they held, traded, or transacted in shares of MMAG Holdings Bhd, NexG Bhd and NexG Bina Bhd,” he said.
Chin alleged that the move led to a sharp decline in the share prices of the companies in October last year, coinciding with the start of investigations on Oct 14.
“These counters tumbled because the authorities froze the accounts of many innocent people and businesses, where their only ‘crime’ was knowing me,” he said.
Long-term consequences
Chin further claimed that individuals and companies affected by the account freezes would face long-term consequences, including difficulties in securing banking services and financing.
“Getting accounts frozen is life-changing for any individual or business. It is a red flag across financial institutions around the globe, and therefore creates a permanent record for the affected party,” he said.
He also alleged irregularities in the handling of certain frozen accounts, claiming that some were “fast-tracked” for reopening.
“This is extremely unjust, and I hope all frozen accounts, whatever their relationship with me, will be treated equally and fairly,” he said.
Meanwhile, Chin apologised to those affected, saying they had been “blacklisted for life merely by association” with him.
“I want to apologise to all my friends, business associates and investors, who are on the ‘hit list’, for simply knowing me,” he said.
Raid on premises
On March 17, Chin questioned the authorities’ move to raid his home on March 13 in connection with the probe.
The raids came days after the cabinet instructed the police, Securities Commission, Inland Revenue Board (IRB), and the MACC to investigate the “corporate mafia” allegations.
Chin then urged Inspector-General of Police Khalid Ismail to ensure a fair and transparent investigation.
“It is only with your leadership that we can ensure a fair investigation that is free from third-party interferences, and in accordance with existing legal provisions,” he said.
Separately, he urged Bursa Malaysia and the Securities Commission to investigate alleged irregularities involving the freezing and unfreezing of accounts linked to share transactions.
Chin claimed there may have been high-level interference involving accounts belonging to Rembulan Lestari Sdn Bhd and Skylimit Alliance Sdn Bhd to facilitate the transfer of shares in NexG Bhd.
“Yet a ‘higher power’ instructed for the unauthorised unfreezing of these accounts in order for the shares to be transacted, before being frozen again,” he alleged.
He warned that such issues could undermine investor confidence and the country’s ability to attract foreign direct investments.
“I urge you to restore and safeguard the investment confidence in our country,” he said.
Last month, Bloomberg named Chin as part of a network of businesspeople who allegedly colluded with the MACC to stage corporate takeovers of rivals. Chin has denied the claims.
The investor has also supported calls for a royal commission of inquiry (RCI) to investigate the matter and look into the MACC's alleged involvement.
12-page apology to Loke, business community
Chin separately issued a 12-page apology addressed to Transport Minister Anthony Loke, eight businesspersons, several companies, as well as investors and family members.
In the document titled “Annex A: Personal Statement & Apology”, Chin said it was his honour to have had Loke present at several MMAG Aviation Consortium-related events during his time as executive director of MMAG Holdings Berhad.
"If at any point I kept my distance, it was never out of arrogance or disrespect. It was because I did not want my situation, my name, or my current reputation to taint you in any way.
As our transport minister, you have done so much and contributed very meaningfully to Malaysia.
"I am also deeply sorry that photos of us taken at public events have been circulated and misused in ways that may have caused unnecessary attention or embarrassment to you.
"The last thing I would ever want is for my circumstances to cast even the slightest shadow on your reputation or public standing. For that, I am truly sorry," he said in the letter that also listed bankers and fund managers, investors, as well as his staff. - Mkini
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