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.
Financial Analysis Division, Azam Baki, Malaysian Anti-Corruption Commission, Putrajaya, Securities Commission, MACC, Anti-Money Laundering Prevention Division, Klang Valley, Malaysia, Tan Sri#Malaysia #arrests #wellknown #Tan #Sri #US75 #million #investment #fraud1769227098
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