KOTA BHARU, Jan 22 — A man bearing the title Tan Sri was among two individuals arrested by the Malaysian Anti-Corruption Commission (MACC) on suspicion of involvement in a large-scale investment fraud of more than RM300 million in Kuala Lumpur.

MACC Chief Commissioner Tan Sri Azam Baki said that based on information received, the individuals are believed to be involved in large-scale fraudulent activities that fall under the commission’s investigative jurisdiction.

He said the fraud involved issues affecting the public, with many investors suffering losses amounting to millions of ringgit.

“We have gone after the individuals involved in this case. This is our responsibility and our duty,” he said at a press conference after the “Corruption Awareness Programme: MACC with Eastern Zone Media” programme here today.

Azam said the Tan Sri was arrested yesterday and remanded for four days starting today after being detained at the MACC headquarters in Putrajaya, while a female suspect in her 50s, who is a board member of his company, was also arrested the day before yesterday.

“He (the Tan Sri) 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 is from the private sector and the case has been classified as an economic crime.

According to him, the case involves investment funds that were subsequently misappropriated.

Azam said the case occurred about two years ago and involved various unclear investment schemes that promised high returns and are 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 are 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 RM4 million.

“This Tan Sri, who cheated Malaysians nationwide, is in his late 60s and a well-known figure,” he said. — Bernama