KUALA LUMPUR — The Malaysian Anti-Corruption Commission (MACC) has launched two investigation papers over allegations that a man bearing the title “Tan Sri” misappropriated nearly RM300 million in investment funds collected from more than 1,700 investors.
Sources told Scoop that MACC officers detained two individuals and carried out searches at five premises around the Klang Valley on January 21 and 22 as part of the probe.
“Preliminary investigations found that between 2021 and 2024, almost RM300 million was raised from about 1,700 investors for investments involving two companies,” a source said.
“However, checks revealed that the funds were diverted and spent on purposes not stipulated in the agreements signed with the investors.”
According to the same source, investigators also believe the suspect leveraged his status and influence to attract and persuade investors to commit funds.
“The individual is believed to have used his position to gain the confidence of investors and secure large sums of money,” the source added.
MACC Chief Commissioner Tan Sri Azam Baki confirmed the investigation, saying the focus is now on tracing the movement of the funds for recovery purposes.
“Our investigation is concentrating on tracking the flow of the misappropriated money to enable asset recovery,” Azam told Scoop.
He said the probe involves expertise from the MACC Financial Analysis Division as well as the Anti-Money Laundering Division.
So far, 14 bank accounts belonging to individuals and companies linked to the case have been frozen.
“MACC is still awaiting feedback from banks on the balances in these accounts, and we expect more accounts to be frozen once the money trail has been fully established,” a source said.
MACC has stressed that the investigation will be conducted thoroughly and professionally, given the scale of the alleged misappropriation and its implications for public interest. – January 24, 2026