MACC Targets Tan Sri in RM300 Million Case, Seizes RM9.7 Million in Assets

Malaysias anti-corruption authorities are racing to uncover what happened to nearly RM300 million in investment funds, as the Malaysian Anti-Corruption Commission (MACC) intensifies one of its most closely watched financial investigations in recent years. With assets already seized and bank accounts frozen, the case is rapidly unfolding and drawing sharp public attention.

So far, the MACC has seized assets worth RM9.7 million. These include six residential properties valued at RM6.54 million, a plot of land worth RM1.8 million and two luxury vehicles valued at RM1.35 million. Investigators believe these assets may be linked to the alleged misuse of investor funds and are moving quickly to secure them before any further dissipation.

The operation has also extended deep into the banking system. Fourteen bank accounts have been frozen as part of the probe. The full value of the funds held in these accounts is still being verified, but investigators are already mapping transactions to trace where the money moved and how it was used.

The investigation centres on an individual carrying the title Tan Sri, whose prominence has heightened the cases impact. Authorities believe his status and influence played a critical role in attracting public confidence. According to sources, this influence may have been used to persuade investors to commit large sums with limited scrutiny.

The case involves funds raised between 2021 and 2024 from about 1,700 investors. The money was collected for investment purposes through two companies. Initial findings indicate that a significant portion of the funds may have been diverted away from the purposes stated in agreements with investors, raising serious concerns over governance and disclosure.

The pace of the investigation has accelerated in recent days. A woman with the title Datuk, previously remanded for five days, was released on bail on Saturday. The Tan Sri under investigation, who had been held since 22 January, was released on Sunday. Both releases come as investigators continue to build the broader case.

MACC chief commissioner Tan Sri Azam Baki confirmed that statements have been taken from 10 witnesses so far. He said investigators are actively tracking down others who may hold key information. The commission is under pressure to complete the investigation swiftly, given the scale of funds involved and the number of affected investors.

Last Wednesday marked a turning point. A Tan Sri in his 60s, known as a company owner and an expert in Islamic finance, was arrested after arriving at the MACC headquarters in Putrajaya to give a statement. Since then, specialist teams from the MACCs financial analysis and anti-money laundering divisions have been deployed to follow the money trail and recover assets.