Tan Sri Arrested in RM300 Million Investor Scam Probe

A man bearing the title Tan Sri was among two individuals detained by the Malaysian Anti-Corruption Commission (MACC) over an alleged large-scale investment scam involving losses of more than RM300 million in Kuala Lumpur.

MACC Chief Commissioner Tan Sri Azam Baki said preliminary information indicates that the suspects were involved in serious fraudulent activities under the commissions jurisdiction. The case has affected the public at large, with many investors reportedly losing millions of ringgit after being drawn into various investment schemes.

Speaking at a press conference after the Corruption Awareness Programme: MACC with Eastern Zone Media, Azam said the Tan Sri was arrested yesterday at the MACC headquarters in Putrajaya and has been remanded for four days starting today. A second suspect, a woman in her 50s who is a board member of the Tan Sris company, was arrested a day earlier.

“He came to our office and was immediately detained. We then recorded his statement as a detained person,” Azam said, adding that both suspects are from the private sector and the case is being investigated as an economic crime. Investigations show that investment funds collected were later misappropriated.

According to Azam, the case dates back about two years and involved several investment schemes with unclear structures that promised unusually high returns. These schemes are also believed to involve other possible legal offences.

He stressed that any company offering investment products must obtain approval from the Securities Commission Malaysia, as strict laws and regulatory oversight are already in place. “In this case, the company did not have the necessary approval, yet people still believed and invested. Sadly, this continues to happen,” he said.

Azam urged the public to be more cautious and not easily swayed by promises of quick or guaranteed returns. He advised investors to always verify investment offers with the relevant authorities, noting that some victims in this case suffered losses of up to RM4 million.

“This Tan Sri is a well-known figure in his late 60s, and the alleged scam affected Malaysians nationwide,” Azam said, adding that MACC will continue to pursue those responsible as part of its duty to protect the public.