Ponzi Scheme: Tan Sri Among Three More Arrested, RM500 Mln In Luxury Assets Frozen

KUALA LUMPUR, May 30 (Bernama) -- Three more individuals, including a businessman with the title of Tan Sri, have been arrested to assist in investigations into an investment fraud scheme involving MBI International Group (MBI) under Op Northern Star.

Bukit Aman Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17.

“The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate’s fraud.

“Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi investment pyramid scheme worth RM527,468,296.11,” he told a press conference here today.

He said among the assets and properties were four luxury yachts worth RM36.3 million, 477 properties worth RM150 million, four condominium units (RM12 million), 37 bank accounts (RM328,088,127.11) and cash (RM283,070).

With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81 billion.

Meanwhile, Muhammed Hasbullah did not rule out the possibility of further arrests and asset seizures.

Asked whether any politicians were involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation.

-- BERNAMA