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New Straits Times

[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star

KUALA LUMPUR: Three more individuals, including a "Tan Sri" linked to a major real estate developer, were arrested to assist police investigations into a Ponzi-style investment scam under Op Northern Star. Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the trio were arrested between May 1 and May 17, following new information obtained during the course of investigations. "As of now, the information gathered found no links to any politician. "To date, a total of 17 individuals were arrested. "The arrests were made around Kuala Lumpur and Penang," he told a press conference here today. The three suspects were remanded for between five and nine days, and were subsequently released on police bail. Police have confiscated 477 properties valued at an estimated RM150 million, four condominium units worth around RM12 million, and RM326,088,127.11 from 37 bank accounts. Additionally, four yachts and three passenger boats valued at RM36.3 million, three luxury vehicles amounting to RM637,100, and two watches worth a total of RM160,000 were also seized. Police further recovered over RM283,000 in cash and five mobile phones, bringing the total value of items seized since the operation began to over RM3.8 billion. Bukit Aman's Anti-Money Laundering Crime Investigation (AMLA) Unit also seized five businesses, including a durian farm, a real estate development company, and a hotel — bringing the total number of businesses seized to eight. "Some of these companies are publicly listed, some are private companies which are operating legally even," he explained. Op Northern Star is an investigation into a Ponzi-type investment scam linked to Mobility Beyond Imagination (MBI). On 22 April, police seized and froze more than RM338.53 million in assets related to the case. On 11 April, four men with "Datuk" titles, including two lawyers, were among eight people arrested in the same probe