The Malaysian Anti-Corruption Commission (MACC) has revealed that approximately RM11 million allegedly embezzled from sukuk funds was converted into digital currency.
MACC Chief Commissioner Tan Sri Azam Baki, speaking at a press conference today, said the funds were believed to have been used for personal purposes and had no connection to the MEX highway project.
“The funds are believed to have been converted into digital currency for personal use. However, we are still tracing how the money was withdrawn and utilised.
“We suspect the money originated from the sukuk funds and was changed into digital currency. In fact, its use was not related to the MEX highway project. We also have documentation showing the currency exchange,” he said at MACC headquarters.
Azam added that 10 more witnesses would be called to assist in the ongoing investigation.
“To date, statements have been recorded from 55 witnesses, and nine individuals have been arrested. A total of 14 personal accounts and eight company accounts have been frozen, involving RM156 million currently under investigation.
“We expect the investigation to be completed within the next two months, and any developments will be announced in due course,” he said.
Azam also stated that, for now, there was no need to summon the individual bearing the “Tan Sri” title again for questioning.
When asked about allegations that the funds were used for gambling, Azam confirmed that gambling activities were suspected to have occurred around the time the sukuk funds were disbursed.
“It may have been used in casinos, but I can’t go into detail. I don’t gamble myself, so I wouldn’t know,” he added, jokingly.
Previously, a prominent figure with the “Tan Sri” title was among those investigated by the MACC over the alleged misappropriation of sukuk funds meant for the MEX II highway construction project.
MACC has seized luxury assets valued at RM32 million believed to belong to the highway concessionaire. These include designer handbags, jewellery, high-end vehicles, luxury watches, cash, and a lavish residence.
The investigation also uncovered premium alcoholic beverages worth RM3 million, and it is suspected that around RM20 million of the sukuk funds may have been used for gambling purposes.
In addition to RM141 million in domestic assets already seized, MACC is tracing a further RM15 million worth of overseas assets linked to the case.
Among the seized assets are RM4.5 million in personal bank accounts, RM33 million in company accounts, luxury condominiums and land worth RM24.5 million, and RM26 million in luxury watches.
Also seized were nine luxury cars valued at RM7.65 million, jewellery and diamonds worth RM10 million, designer handbags worth RM6 million, gold bars, statues and gold coins worth RM3 million, and four horses estimated to be worth RM400,000.