THE Malaysian Anti-Corruption Commission (MACC) has opened two investigation papers into allegations against a Tan Sri suspected of misappropriating investment funds totalling almost RM300 million.
Sources informed that MACC had arrested two individuals and conducted searches at five premises around the Klang Valley on January 21 and 22, 2026.
In addition, initial investigations found that between 2021 and 2024, a total of almost RM300 million was successfully collected from approximately 1,700 investors for investment purposes in two companies.
However, a review showed that the funds collected were misappropriated and spent for purposes other than those agreed upon in the agreement with the investors.
Sources also informed that the investigation found that the Tan Sri used his position and influence to attract and convince investors to invest.
MACC Chief Commissioner, Tan Sri Azam Baki, confirmed that the investigation is now focusing on tracing the flow of misappropriated funds for recovery purposes.
The investigation also involves the expertise of the MACC Financial Analysis Division and the MACC Anti-Money Laundering Division.
To date, 14 individual and company accounts have been frozen. MACC is still awaiting feedback from the banks regarding the balances of the accounts and expects more accounts to be frozen after the process of tracing the flow of money is completed.
MACC is committed to conducting a professional and firm investigation, given that this case involves a large amount of money and is of public interest. – January 24, 2026
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