KUALA LUMPUR – Authorities have crippled an investment scam operation by arresting eight people and confiscating assets valued at RM3.17 billion, which are suspected to be connected to a Ponzi-type scheme called MBI Investments from a neighbouring country.
Inspector-General of Police Tan Sri Razarudin Husain said that among the eight suspects, which include one woman, there are two entrepreneurs and two lawyers who hold the title of “Datuk.” Their ages range from 44 to 62.
He said that the arrests took place on March 20 by the Anti-Money Laundering Criminal Investigation Team (AMLA) of the Inspector-General of Police Secretariat (USKPN) during ‘Operation Northern Star’, which was a cross-border initiative based on information from Interpol red notices.
“All suspects are on remand for between one and seven days for investigation under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001),” he said in a statement today.
Razarudin added that during multiple raids, the AMLA team managed to freeze and confiscate assets valued at approximately RM3.7 billion. This included 638 bank and share accounts amounting to over RM1.16 billion, along with 35 properties worth RM2.01 billion.
In addition, they seized 10 luxury cars, 12 high-end watches, cash in different currencies, two pieces of jewelry, two laptops, six mobile phones, four designer handbags, and several important documents.
“All the properties and items seized are believed to be ill-gotten gains from the investment fraud,” he said.
Razarudin said that the police will keep investigating people or organisations believed to be connected to money laundering linked to investment fraud.
He also urged the public to remain cautious, steer clear of any dubious activities, and report any information to the authorities to help fight against this crime.