SHAH ALAM – The Malaysian Anti-Corruption Commission (MACC) has arrested a prominent businessman bearing the title “Tan Sri” in connection with an alleged large-scale investment scam.
The syndicate was reportedly to have defrauded victims nationwide of more than RM300 million over the past two years.
According to local media reports, MACC Chief Commissioner Tan Sri Azam Baki confirmed that the suspect, a man in his 60s, was detained yesterday after presenting himself at the commission’s headquarters.
He was subsequently remanded for four days by the Putrajaya Magistrates’ Court this morning.
Speaking at a press conference held in conjunction with the “Cakna Rasuah: MACC with the Media” programme, Azam stated that a woman in her 50s, who serves on the board of directors of the same investment company, had been arrested a day earlier.
“We received information that a Tan Sri in his 60s and a woman in her 50s, who sits on the board of an investment company, were involved in a large-scale investor fraud,” he said.
Investigations estimate that total losses exceed RM300 million, affecting a vast number of investors across the country.
Azam described the schemes as varied, often enticing victims with promises of lucrative returns.
“The investment schemes run by the two suspects were varied, with promises of lucrative returns,” he said, noting that MACC officers have already met with several victims to verify the extent of their financial losses.
While the company is based in Kuala Lumpur, the syndicate reportedly targeted victims nationwide.
Azam described the primary suspect as a well-known figure in the private sector and classified the case as an economic crime involving the alleged misuse of funds for personal gain.
“So far, the amount involved exceeds RM300 million. Based on information received, the syndicate has been active for the past two years,” Azam added.
The MACC is currently tracking down another man believed to be a key link in the operation. Investigations remain ongoing to determine the full scope of the syndicate's activities and to recover the misappropriated funds.