Three additional individuals, including a businessman bearing the title Tan Sri, have been arrested as part of investigations into an investment fraud scheme linked to MBI International Group under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali reported that the suspects, aged 46, 54, and 58, were apprehended in Kuala Lumpur and Penang between 1 and 17 May.
“The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate’s fraud,” stated Muhammed Hasbullah. He added that police have frozen assets and properties believed to be proceeds illegally acquired through a Ponzi investment pyramid scheme, amounting to RM527,468,296.11.
Among the assets and properties seized were four luxury yachts valued at RM36.3 million, 477 properties worth RM150 million, four condominium units (RM12 million), 37 bank accounts holding RM328,088,127.11, and cash totalling RM283,070. With these arrests, the total number of individuals detained in the MBI investment fraud case has reached 17, with cumulative assets frozen and seized amounting to RM3.81 billion.
Muhammed Hasbullah did not exclude the possibility of further arrests and asset seizures. When questioned about possible involvement of politicians, he confirmed that none had been identified so far but did not rule out the prospect, noting that investigations are ongoing.
