MACC Seizes RM9.7 Million in Homes, Land & Luxury Cars Over Alleged Misuse of Investment Funds

According to sources, the latest round of seizures comprises six houses worth RM6.54 million, one plot of land valued at RM1.8 million, and two luxury vehicles estimated at RM1.35 million.

Authorities have also seized 14 bank accounts to aid the probe, with the total balances currently pending verification by the respective banks.

For illustration purposes only

Investigations still ongoing

In related developments, a woman bearing the honorific title Datuk, who had been remanded for five days, was released on bail. Another individual, a Tan Sri who had been in remand has also been released on bail.

MACC Chief Commissioner Tan Sri Azam Baki confirmed the progress when contacted, noting that 10 witnesses have so far been called to give statements.

Azam baki

“MACC is actively tracing additional witnesses to complete the investigation. We remain committed to concluding this case, which concerns public interest, as soon as possible,” he said.

Earlier reports indicated that nearly RM300 million was collected between 2021 and 2024 from roughly 1,700 investors for investments in two companies allegedly linked to the Tan Sri. Preliminary checks suggest the funds were diverted and spent for purposes not aligned with agreements made with investors.

Sources added that two investigation papers have been opened concerning the allegations against the Tan Sri, who is suspected of misappropriating close to RM300 million in investment money. MACC also detained two individuals and conducted searches at five premises across the Klang Valley on as part of the operation.