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The Star

Malaysian anti-corruption authorities have opened two investigation papers into a man bearing the title “Tan Sri” over his alleged involvement in a large-scale investment fraud amounting to more than 300 million ringgit (US$75 million).
The Malaysian Anti-Corruption Commission (MACC) had arrested two individuals and carried out searches at five premises around the Klang Valley earlier in the week following information received.
Preliminary investigations found that between 2021 and 2024, nearly 300 million ringgit had been collected from about 1,700 people for investment purposes involving two companies.
However, checks revealed that the funds collected were misappropriated and “spent on purposes other than those agreed upon in the investment agreements with the investors”, a source said.
The Tan Sri had allegedly used his position and influence to attract and convince investors to invest.
Awarded by the king for exceptional service, a Tan Sri is the second-highest federal honourary title in Malaysia.
MACC chief commissioner Azam Baki confirmed that investigations were now focusing on tracing the flow of the misappropriated funds for recovery.

“This investigation also involves the expertise of the MACC’s Financial Analysis Division and its Anti-Money Laundering Prevention Division,” he said.
He also said that 14 personal and company bank accounts had been frozen.
“MACC is still awaiting feedback from banks regarding the balances in the accounts and expects more accounts to be frozen once the money-tracing process is completed,” he added.
“MACC remains committed to conducting the investigation professionally and firmly, as the case involves a substantial amount of money and is of public interest.”
In an earlier report, Azam told a press conference that the Tan Sri was arrested at the MACC headquarters in Putrajaya on Wednesday and remanded for four days while a female suspect in her fifties, a board member of the company, was arrested on Tuesday.
“He came to the office and we immediately arrested him, after which we proceeded to record his statement as a detained person,” he said, adding that the suspect was from the private sector and the case had been classified as an economic crime.
Azam said the case occurred about two years ago and involved various unclear investment schemes that promised high returns and were also believed to involve other legal offences.
He said any investment to be undertaken by a company should obtain approval from the Securities Commission, as there were laws in place and oversight by the relevant authorities.
“The Tan Sri’s company did not have approval, yet the public continued to believe. In our country, there are still many who believe in such schemes even though this keeps happening,” he said.
As such, Azam advised the public not to be easily persuaded by investment schemes and to verify with the authorities before investing, noting that some victims suffered losses of up to 4 million ringgit.
“This Tan Sri, who cheated Malaysians nationwide, is in his late sixties and a well-known figure,” he said.
This article was first published by The Star


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The titled businessman had allegedly used his position and influence to attract and convince about 1,700 people to invest in two companies


The titled businessman had allegedly used his position and influence to attract and convince about 1,700 people to invest in two companies.


Malaysia arrests ‘well-known’ Tan Sri over US$75 million investment fraud

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The titled businessman had allegedly used his position and influence to attract and convince about 1,700 people to invest in two companies

The titled businessman had allegedly used his position and influence to attract and convince about 1,700 people to invest in two companies