MACC Arrests Five Individuals in RM104 Million Public Investment Scheme

PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) has arrested five people suspected of being involved in a fraudulent RM104 million public investment scheme.

Investigation Underway

According to a source, MACC arrested the people after receiving information about criminal activities carried out by a licensed trust company under the finance ministry and Bank Negara Malaysia.

Funds Misappropriated

The source said the company was found to have used funds collected from investors for their personal benefit after an estimated RM104 million was misappropriated from the company to several private companies owned by proxies.

Arrests Made

Four of the five people arrested are directors at the company, with all five people arrested at the MACC headquarters in Putrajaya when providing their statements last night. They have been remanded until Jan 21.

MACC Chief Commissioner’s Statement

MACC chief commissioner Azam Baki confirmed the arrests and said the case is being investigated under Section 18 of the MACC Act 2009.

Expertise Required

He explained that the investigation required MACC officers to possess significant expertise to monitor and trace the movement of funds.

Aim of the Probe

Azam also said the probe was aimed at assisting the government in strengthening public confidence in the regulatory bodies that issue licences for trust companies, as well as to create a safe platform for potential investors.

Conclusion

The Malaysian Anti-Corruption Commission’s swift action in arresting five individuals suspected of being involved in a fraudulent public investment scheme is a significant step towards upholding the rule of law and maintaining public trust in the financial sector. The investigation, led by MACC chief commissioner Azam Baki, demonstrates the agency’s commitment to tackling corruption and ensuring the integrity of the financial system.

FAQs

* What is the alleged amount of funds misappropriated in the scheme?
+ RM104 million
* How many people were arrested in connection with the scheme?
+ 5
* What is the alleged motive behind the scheme?
+ To use funds collected from investors for personal benefit
* What is the aim of the investigation?
+ To strengthen public confidence in regulatory bodies and create a safe platform for potential investors
* What is the current status of the arrested individuals?
+ Remanded until Jan 21