In the soup: Four men and a woman were detained after they were summoned to the MACC headquarters for questioning.
PUTRAJAYA: Five individuals, four of them company directors, have been remanded in connection with a suspected fraud case totalling RM104mil involving public investment funds.
It is learnt four men and a woman, aged between 50 and 60, were detained around 7pm on Tuesday after they were summoned to the Malaysian Anti-Corruption Commission (MACC) headquarters for questioning.
“The MACC had received several complaints and information regarding activities believed to be crime in nature that was carried out by a licensed trustee company under the Finance Ministry and Bank Negara.
“The company is believed to have used funds collected from investors for the personal use of individuals colluding in these criminal activities,” a source revealed.
The same source said funds that were misappropriated from the trustee company and channelled to private firms owned by proxies were said to be around RM104mil.
Magistrate Irza Zulaikha Rohanuddin allowed for the five individuals to be remanded for seven days until Jan 21.
MACC chief commissioner Tan Sri Azam Baki confirmed the arrests following a special operation codenamed “Ops Trust”.
He said the case is being investigated under Section 18 of the MACC Act 2009.
Azam said the modus operandi of the activity requires specialised expertise among MACC officers to trace the financial flow, he said.
“The investigation aims to help the government strengthen public trust in regulatory bodies that issue licences to trust companies.
“It is also aimed at creating a clean and secure platform for potential investors,” he added.
