Latest news with #RM123.61
The Sun
03-05-2025
- Business
- The Sun
Another ‘Tan Sri' arrested over MBI Ponzi scheme
KUALA LUMPUR: Police have arrested another individual with the title 'Tan Sri' suspected of involvement in the MBI International Group Ponzi scheme investment fraud, marking the latest development in the ongoing investigation. Acting Director of Bukit Aman's Commercial Crime Investigation Department Datuk Muhammed Hasbullah Ali confirmed the 53-year-old Penang property company chairman was detained on Thursday and remanded for five days to assist investigations. 'The suspect's office, residence, and relevant documents have been searched for evidence,' he told Bernama, adding that further arrests haven't been ruled out as investigations continue, with a press conference to be held soon to provide updates. The suspect is believed to have acted as a proxy or partner in laundering illicit funds for the syndicate. This follows the April 18-21 'Op Northern Star' that saw five individuals, including another 'Tan Sri' and 'Datuk Seri', arrested across the Klang Valley and northern Malaysia. Authorities have also seized RM223.62 million worth of durian orchards (344ha in Raub, Pahang; 5.26ha in Jawi, Penang; and 13.76ha in Tasek, Kedah), frozen 299 bank accounts (RM123.61 million), and confiscated 12 luxury vehicles, a high-end watch, five mobile phones, and crucial documents. Additional seizures include a palm oil processing plant in Selama, Kedah, a hotel, and a Penang property development company, bringing total confiscations from both operations to RM3.51 billion.
New Straits Times
30-04-2025
- Business
- New Straits Times
Ideal Property Group denies link to MBI probe, files report over viral posts
GEORGE TOWN: Ideal Property Group has addressed recent fake news and unverified social media posts falsely alleging that its group executive chairman was investigated and arrested in connection with authorities' investigations into the MBI Group. In a post on its Facebook page today, Ideal Property Group strongly refuted the false and malicious claims, categorically denying the baseless and defamatory statements. The company said it operates with strict adherence to the law and ethical business principles, and has built a reputation for technical excellence, successful project delivery, and rigorous regulatory compliance. "Our organisation is committed to maintaining the highest levels of professional integrity and operational transparency. "To counter this false and malicious disinformation campaign, Ideal Property Group has lodged reports with the Malaysian Communications and Multimedia Commission (MCMC) and the police, and will take immediate legal action to protect its reputation," the statement read. Ideal Property Group said it continues to demonstrate strong operational performance. "Our organisation maintains an unwavering focus on executing current projects and fulfilling all obligations to stakeholders with excellence," it added. It was recently reported that federal police had arrested five individuals, including an entrepreneur with a "Tan Sri" title and a man with a "Datuk Seri" title, in connection with investigations into Mobility Beyond Imagination (MBI). Police also froze 299 bank accounts worth RM123.61 million and seized 12 luxury vehicles, a luxury watch, five phones, one computer, and several documents. The seizures included three durian orchards in Raub, Penang, and Kedah worth approximately RM223.62 million. Police also seized a palm oil processing plant in Kedah, as well as a hotel and a property development company in Penang. The seizures were part of the second phase of operations conducted between April 18 and April 21.
