KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) has seized assets worth RM9.7 million in its probe into the alleged misappropriation of nearly RM300 million in investment funds linked to a businessman with the honorific title Tan Sri.
According to sources, the seizures include six houses valued at RM6.54 million, a plot of land worth RM1.8 million, and two luxury vehicles worth RM1.35 million.
“In addition, 14 bank accounts have also been frozen to assist investigations, though the total value is still being verified by the banks,” the source said.
The source added that a woman with the title Datuk, who was remanded for five days, was released on bail at 2pm yesterday, while the Tan Sri detained since January 22 was freed at noon today.
MACC Chief Commissioner Tan Sri Azam Baki confirmed the development, stating that 10 witnesses have been called to record their statements.
“MACC is actively tracking other witnesses to help complete the investigation,” he said, stressing that the commission remains committed to resolving the case swiftly in the public interest.
Yesterday, MACC was reported to have opened two investigation papers into allegations of misappropriation of nearly RM300 million in investment funds, believed to have been collected between 2021 and 2024 from about 1,700 investors for two companies.
Preliminary findings suggest the funds were diverted and spent for purposes other than those agreed upon with investors.
Sources said the Tan Sri is suspected of leveraging his position and influence to attract and convince the public to invest in the scheme.
Azam added that investigations are also focusing on tracing the flow of misappropriated funds for recovery, with expertise from MACC’s Financial Analysis Division and Anti-Money Laundering Division involved.
Last Wednesday, a Tan Sri in his 60s—identified as the owner of a private company and an Islamic finance expert—was arrested upon arriving at MACC headquarters in Putrajaya. – January 25, 2026