Latest news with #468
The Star
a day ago
- Business
- The Star
Another Tan Sri linked to MBI nabbed, RM527mil seized
KUALA LUMPUR: An additional RM527.5mil in assets linked to MBI International Group have been seized and frozen by police, bringing the total value of assets recovered to RM3.8bil. Three more people, including a businessman with the Tan Sri title, are the latest ones arrested to assist in investigations into an investment fraud scheme involving MBI under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. 'The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud. 'Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi scheme worth RM527,468,296.11,' he said here yesterday, Bernama reported. Big haul: Muhammed Hasbullah (second from right) showing some of the seized items, with a whiteboard showing the bigger items, during a press conference. — Bernama Among the assets and properties are four luxury yachts worth RM36.3mil, 477 properties (RM150mil), four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070). With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81bil. Muhammed Hasbullah did not rule out the possibility of further arrests and asset seizures. Asked if any politician was involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation. Earlier this month, The Star reported that a Tan Sri was arrested for alleged involvement in the MBI investment scam. His arrest brought the total of those detained in the ongoing investigation to 14 people. The 53-year-old man, who was detained in Penang on May 1 after he returned from overseas, is believed to be either a syndicate proxy or a business partner of the suspects. The daily had also previously reported that two other prominent businessmen with Tan Sri titles and a Datuk Seri were already in custody. The arrests of the earlier 13 suspects were made between March 21 and April 21, which has seen RM3.5bil in assets including a hotel and durian plantations linked to the MBI investment scheme previously seized. Among the assets seized then were durian plantations in Pahang, Penang and Kedah worth RM223,624,167.75. An additional 299 bank accounts with RM123,614,594.35 were also frozen, he added. All these assets are believed to have been purchased or had links to the proceeds from the scheme's illegal gains.
The Star
a day ago
- Business
- The Star
MBI scam: Tan Sri among three more arrested, RM500mil in luxury assets frozen
KUALA LUMPUR: Three more individuals, including a businessman with the title of Tan Sri, have been arrested to assist in investigations into an investment fraud scheme involving MBI International Group (MBI) under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Comm Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. "The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud. "Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi investment pyramid scheme worth RM527,468,296.11,' he told a press conference here on Friday (May 30). He said among the assets and properties were four luxury yachts worth RM36.3mil, 477 properties worth RM150mil, four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070). With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81bil. Meanwhile, Comm Hasbullah did not rule out the possibility of further arrests and asset seizures. Asked whether any politicians were involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation.- Bernama
Express Tribune
3 days ago
- Business
- Express Tribune
Gold rises Rs1,400 as global market recovers
Listen to article Gold prices in Pakistan rose on Wednesday, tracking gains in the international market as investors sought bargains following a dip in the previous session. The local uptick comes amid global anticipation surrounding the release of minutes from the US Federal Reserve's latest policy meeting. According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs1,400 to reach Rs349,300. Similarly, the price of 10 grams of gold increased by Rs1,200, settling at Rs299,468. This rebound followed a sharp drop on Tuesday when gold fell by Rs3,600 per tola to close at Rs347,900. Commenting on the trend, Adnan Agar, Director at Interactive Commodities, noted that international gold prices remained volatile but within a defined trading range. "The market touched a high of $3,325 and a low of $3,290 today, currently trading around $3,300," he said. "The $3,270 level is proving to be a strong support, from where the market has bounced back. On the upside, $3,350 is a key resistance." He explained that gold has been trading in a range-bound pattern, citing historical movements from $3,120 to $3,600. "Profit-taking is likely when prices approach upper resistance levels. On the downside, unresolved tariff issues and geopolitical tensions, particularly the ongoing Russia-Ukraine conflict, continue to weigh on sentiment." Agar added that unless these global hurdles are permanently resolved, gold is expected to remain within the $3,270 to $3,360 range. "A breakout beyond either end could push prices towards $3,200 or $3,420-3,500, respectively," he concluded. Globally, gold prices rose on Wednesday as traders sought bargains following the previous session's declines, while the market remains focused on minutes from the Federal Reserve's latest policy meeting due later in the day, according to Reuters. Spot gold gained 0.4% to $3,312.05 an ounce by 1255 GMT, after hitting a session low of $3,285.19 on Tuesday. US gold futures rose 0.3% to $3,310.60. "The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, the market top is in place," Jim Wyckoff, Senior Analyst at Kitco Metals, said. "The minutes can be market movers. Market watchers are going to be looking at new comments on inflation this afternoon." Minutes of the Fed's May policy meeting are due at 1800 GMT. The meeting took place amid heightened concern over global trade tensions, following President Trump's early April announcement of major new import tariffs. Some of the most aggressive tariffs were eased or delayed a week later. Gold, which performs well in a low-interest rate environment and serves as a safe haven during times of uncertainty, has gained 26% so far this year and hit a record high in April.
Express Tribune
3 days ago
- Business
- Express Tribune
Gold prices surge in Pakistan after two-day slump
Listen to article After two consecutive days of decline, gold prices in Pakistan recorded an upward trend on Wednesday, tracking gains in international markets. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs1,400, reaching Rs349,300 in the local market. Similarly, the price of 10 grams of gold increased by Rs1,200, settling at Rs299,468. On Tuesday, gold prices had dropped sharply, with the per tola rate falling by Rs3,600 to Rs347,900, reflecting pressure from both local and global trends at the time. Silver prices also saw an uptick on Wednesday. The per tola rate of silver increased by Rs32, reaching Rs3,480. Market analysts suggest that fluctuations in precious metals are closely tied to global economic signals and investor sentiment, with current gains fueled by renewed demand and international market strength.
Business Recorder
3 days ago
- Business
- Business Recorder
Gold price per tola surge Rs1,400 in Pakistan
Gold prices in Pakistan increased on Wednesday in line with their incline in the international market. In the local market, gold price per tola reached Rs349,300 after a surge of Rs1,400 during the day. Similarly, 10-gram gold was sold at Rs299,468 after it gained Rs1,200, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold price per tola slashed to Rs347,900 after it losing Rs3,600 during the day. The international rate of gold also improved on Wednessday. The rate was at $3,309 per ounce (with a premium of $20), an increase of $14, as per APGJSA. Meanwhile, silver price per tola increased by Rs32 to settle at Rs3,480.
