Malaysian Police Dismantle RM3.17 Billion Investment Scam Syndicate, Arrests Eight

Malaysian police dismantled an investment scam syndicate with the arrest of eight individuals and the seizure of assets valued at RM3.17 billion. The syndicate is believed to be linked to MBI Investments, a Ponzi scam.

Among the detained suspects are two entrepreneurs and two lawyers. The group ranges in age from 44 to 62.

In raids, the Anti-Money Laundering Criminal Investigation Team seized and froze various assets worth approximately RM3.17 billion. The crackdown involved 638 bank and share accounts with holdings exceeding RM1.16 billion, along with 35 properties valued at RM2.01 billion.

Authorities also confiscated 10 luxury vehicles, 12 luxury watches, cash in multiple currencies, two pieces of jewelry, two laptops, six mobile phones, four luxury handbags, and various crucial documents.

The assets and items are believed to be proceeds from fraudulent investment activities. The Royal Malaysia Police continues to investigate individuals and entities suspected of involvement in money laundering tied to investment fraud.

Malaysian authorities have urged the public to remain cautious and avoid participating in suspicious investment schemes. They also encourage anyone with relevant information to come forward and assist in efforts to combat financial crime.