KUALA LUMPUR — A businessman bearing the title of Tan Sri is among three individuals recently arrested as part of ongoing investigations into an alleged investment fraud linked to the MBI International Group, police said.
The arrests, made under Op Northern Star, bring the total number of individuals detained in connection with the case to 17.
Bukit Aman Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the suspects — aged 46, 54 and 58 — were detained in Kuala Lumpur and Penang between May 1 and 17.
“The three individuals are believed to have acted as proxies, operating various businesses to launder money derived from the syndicate’s fraudulent activities,” he told reporters at a press conference today.
He said police had also frozen assets and properties believed to be proceeds of a Ponzi-style investment scheme, with an estimated value of RM527,468,296.11.
The seized assets include four luxury yachts worth RM36.3 million, 477 properties valued at RM150 million, four condominium units (RM12 million), 37 bank accounts containing RM328,088,127.11, and RM283,070 in cash.
In total, the value of assets frozen and seized in connection with the case now stands at RM3.81 billion.
Hasbullah said further arrests and asset seizures were possible as investigations continue.
Asked whether any politicians were linked to the syndicate, he said none had been identified to date but did not rule out the possibility pending further investigation. — May 30, 2025