https://www.thevibes.com/articles/news/118600/macc-freezes-14-bank-accounts-in-rm300-million-investment-probe-involving-tan-sri

MALAYSIA’S Anti-Corruption Commission (MACC) has frozen 14 bank accounts and opened two investigation papers in connection with alleged misappropriation of investment funds linked to a prominent investment figure holding the title “Tan Sri”.

Sources said the MACC detained two individuals and carried out searches at five premises around the Klang Valley on January 21 and 22 as part of the probe.

Preliminary investigations found that between 2021 and 2024, nearly RM300 million was collected from about 1,700 investors for investment purposes involving two companies.

“However, checks showed that the funds collected were misappropriated and spent for purposes other than those agreed upon in the agreements with the investors,” a source said.

Investigators also believe the Tan Sri concerned used his position and influence to attract and convince investors to participate in the schemes, the source added.

MACC chief commissioner Tan Sri Azam Baki confirmed when contacted that the investigation is now focusing on tracing the flow of misappropriated funds for recovery purposes.

“This investigation also involves the expertise of the MACC Financial Analysis Division and the MACC Anti-Money Laundering Division,” he said.

“So far, 14 individual and corporate bank accounts have been frozen. The MACC is still awaiting feedback from the banks regarding the balances in these accounts and expects more accounts to be frozen once the process of tracing the money flow is completed,” Azam said.

He stressed that the MACC remains committed to conducting the investigation professionally and firmly, given the large sums involved and the public interest at stake.