KUALA LUMPUR, Jan 24 — The Malaysian Anti-Corruption Commission (MACC) has frozen 14 bank accounts as part of its widening investigation into alleged investment fund misappropriation linked to a prominent Tan Sri.
The action followed raids on five locations in the Klang Valley over two days, New Straits Times reported.
MACC Chief Commissioner Tan Sri Azam Baki said the commission is still waiting for information from banks on the balances in the frozen accounts and added that “we expect to freeze more accounts.”
Azam said early findings showed that nearly RM300 million had been raised from roughly 1,700 investors between 2021 and 2024, involving two companies.
He said investigators discovered indications that the money was allegedly channelled into uses not outlined in the original investment agreements.
MACC officers are now tracking the movement of the disputed funds to support recovery efforts.
Azam confirmed that two investigation papers have been opened.
A source told the New Straits Times that the Tan Sri is believed to have relied on his position and influence to persuade investors to part with their money.
The Tan Sri at the centre of the probe is currently under a four‑day remand that is scheduled to end tomorrow.
The case is being examined under Section 18 of the MACC Act, which covers offences involving false claims intended to deceive a principal.
A conviction under the provision carries a maximum 20‑year prison term and a fine of at least five times the value of the false claim or RM10,000, whichever is higher.
