KUALA LUMPUR — Police today confirmed that businessman Victor Chin Boon Loong was among 10 individuals detained on suspicion of involvement in money laundering activities between October 15 last year and January 13 this year.
Bukit Aman AMLA (Anti-Money Laundering and Anti-Terrorism Financing) Investigation Unit chief Datuk Fazlisyam Abd Majid said Chin was detained in December last year and has since been released on police bail, although he may be recalled if necessary.
The other nine detainees, comprising six men and three women, have also been released on bail, while 40 others have been called in to provide statements, Fazlisyam told a press conference, reported by Bernama.
The arrests were made under “Ops Viking” which was launched on October 14 last year based on intelligence on money laundering activities dating back to 2018.
A formal investigation was opened on October 25 under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613).
“This case involves several individuals suspected of committing money laundering offences through various methods, including the acquisition or ownership of publicly listed companies on Bursa Malaysia, as well as private companies,” Fazlisyam said.
The alleged crimes involve issuing misleading loan agreements, threatening borrowers, and manipulating the stock market, he added.
The operation resulted in the freezing and seizure of various assets, including eight properties, 32 vehicles, 1,100 shares in two private limited companies, Central Depository System (CDS) accounts totaling RM323,588,293, trading accounts amounting to RM64,246,417, and 404 bank accounts holding RM85,624,528.
The investigation is focused on parties suspected of being directly or indirectly involved in managing funds derived from unlawful activities.
The probe is being carried out under Section 27B and Section 29B of the Moneylenders Act 1951, Section 176 of the Capital Markets and Services Act 2007 and Section 221 of the Companies Act 2016.
Chin has been associated with an alleged “corporate mafia” network that purportedly pressured involved Malaysian Anti-Corruption Commission (MACC) officers to manipulate and pressure businessmen into selling their companies.
Chin has denied such allegations.
On March 16, the police confirmed they had raided several premises belonging to Chin, seizing luxury watches, jewellery, cash including foreign currencies, and two cars.
Chin recently alleged that he paid a Member of Parliament nearly RM10 million to obtain assistance in “settling” the corporate manipulation allegations against him.
However, Fazlisyam today said the authorities have not received any report regarding such a claim. — March 30, 2026