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New Straits Times

[UPDATED] Police: MBI asset seizures could top billions as crackdown widens

KUALA LUMPUR: Federal police believe that billions more in assets and accounts could still be identified and either seized or frozen in connection with the Mobility Beyond Imagination (MBI) Ponzi scheme. Bukit Aman's Anti-Money Laundering Crime Investigation (Amla) Unit chief Datuk Muhammed Hasbullah Ali said that to date, RM3.51 billion worth of assets and accounts had already been seized and frozen. "This is the result of two series of operations carried out between March 21 and April 5, as well as between April 18 and April 21," he told reporters today. He added that while RM3.5 billion in assets and accounts had been seized and frozen so far, they believe the total value could increase substantially with further follow-up actions. "We believe the value could run into billions," he said. Hasbullah said that the two operations led to the arrest of 13 suspects, including a Tan Sri, a Datuk Seri, and three Datuks. "Our investigation team will continue its work to identify any individual or entity, directly or indirectly, involved in receiving, possessing, concealing, transferring, exchanging, laundering, disposing of, or transporting illegal proceeds linked to MBI," he said. "We also encourage anyone with information about assets or illegal proceeds linked to MBI to come forward and assist with the investigation." In efforts to combat money laundering activities in Malaysia, Hasbullah urged members of the public to remain vigilant, avoid suspicious activities, and cooperate with police investigations if they possessed relevant information. On April 11, it was reported that four men holding Datuk titles, including two lawyers, were among eight individuals arrested in connection with a police crackdown on the MBI Ponzi scheme. Inspector-General of Police Tan Sri Razarudin Husain was quoted as saying that the federal police's Amla Unit had seized and frozen various accounts worth a staggering RM3.17 billion as part of the operation, known as Op Northern Star, which involved cross-border collaboration following an Interpol Red Notice issued on March 20. Through this operation, police successfully froze a range of assets and illegal proceeds believed to be linked to the Ponzi scheme, with MBI based in a neighbouring country. The individuals arrested have been remanded for between one and seven days to facilitate investigations under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001. The Amla Unit's series of raids led to the seizure and freezing of assets under Section 44(1) and Section 45(2) of the same Act, amounting to RM3.17 billion. These include 638 bank and stock accounts, totalling RM1.1 billion, which have been frozen. "We also seized 35 properties, estimated to be worth at least RM2 billion, 10 luxury vehicles, 12 luxury watches, and a variety of foreign and local currencies," said Razarudin.