The Malaysian Anti-Corruption Commission has opened two investigation papers over the suspected misuse of nearly RM300 million in investment funds raised from about 1,700 investors between 2021 and 2024.
Preliminary findings indicate that the funds were purportedly collected for investment involving two companies, but checks revealed the money was believed to have been diverted and spent in ways that breached agreements with investors.
Following the findings, the MACC detained two individuals to assist in the probe and carried out searches at five premises around the Klang Valley on Jan 21 and 22.
Sources said the investigation is also focusing on the role of an influential individual suspected of using his position to attract investors and persuade the public to join the investment scheme.
MACC chief commissioner Azam Baki confirmed that the investigation is now centred on tracing the flow of the allegedly misappropriated funds as part of asset recovery efforts.
He said the process involves the MACC’s financial analysis and anti-money laundering units to identify fund movements and parties involved.
“So far, 14 accounts belonging to individuals and companies have been frozen, and the MACC is awaiting feedback from banks on the balances of these accounts,” he said.
He added that more accounts could be frozen once the fund-tracing process is completed.
The commission stressed that the probe will be conducted firmly and professionally, given the large sums involved and the public interest at stake.
