The Malaysian Anti-Corruption Commission (MACC) has confirmed the arrest of a man holding the title “Tan Sri” for his alleged involvement in an investment scam that is believed to have caused losses exceeding RM300 million over the past two years.
MACC chief commissioner Tan Sri Azam Baki said the suspect, who is in his 60s, was arrested yesterday after presenting himself at the MACC office and was subsequently remanded this morning at the Putrajaya Magistrates’ Court.
A woman in her 50s, who is a board director of the same investment company, was arrested a day earlier in connection with the case.
Azam said MACC received information indicating that the two suspects were involved in a large-scale investor fraud involving various investment schemes that promised lucrative returns.
“Many investors have lost hundreds of millions of ringgit, and we estimate total losses to be more than RM300 million over the past two years,” he said during a press conference held at the ‘Cakna Rasuah: MACC with the Media’ programme.
He added that the investment schemes offered by the suspects took different forms but shared similar promises of high returns.
The Tan Sri has been remanded for four days to facilitate further investigations, while MACC continues to probe the extent of the alleged fraud and identify other possible individuals involved.
