Police have arrested another individual with the title “Tan Sri” early this morning believed to be linked to the founder of the MBI International Group (MBI) investment scam.
The 53-year-old male suspect was detained at 2am in Penang. He is believed to have acted as a business partner or proxy who received funds from the syndicate’s mastermind, Berita Harian reported.
According to a source, the money was allegedly received for the purpose of laundering proceeds from the illegal investment scheme.
“At the time of his arrest, the suspect had just returned to the country via Kuala Lumpur International Airport,” the source was quoted as saying, according to the daily.
A remand order is expected to be obtained today for the suspect, who has been detained at the Jinjang police headquarters.
Bukit Aman commercial crime investigation department acting director Hasbullah Ali confirmed the arrest.
He said investigations are ongoing, and so far, no searches or seizures have been carried out against the suspect.
This arrest is the latest development following the second phase of Op Northern Star on April 18, which targeted areas in the Klang Valley and northern Peninsular Malaysia.
During the operation, five individuals – including a Tan Sri and a Datuk Seri – were detained for suspected involvement in a Ponzi-style investment syndicate operating out of a neighbouring country.
Among the seized and frozen assets were three durian orchards in Raub (Pahang), Jawi (Penang), and Tasek (Kedah), covering a total of 363ha with an estimated value of RM223.6 million.
Authorities also froze 299 bank accounts worth over RM12.6 million and seized 12 luxury vehicles, bringing the total value of frozen and seized assets in both phases of the operation to RM3.5 billion.
The seized assets are believed to be proceeds from the fraudulent MBI investment scheme.
