MBI Founder Released on Police Bail

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Freed before end of four-day remand. 

The founder of the MBI Group, who was detained on Monday, was released on police bail yesterday although his four-day remand order was supposed to expire only today.

The man, in his 50s, had been remanded for investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. He was released from the Kulim police station at 4:30 pm.

It is believed that his release did not mean that the case was over. Authorities are said to be proceeding with the investigation into MBI’s alleged illegal pyramid investment scheme and money laundering.

Enforcement officers seized a total of RM2.23 million in cash and property from raids in Kulim and Butterworth.