Top official believed to have been arrested following two raids.
A statement by the Domestic Trade, Cooperatives and Consumerism Ministry revealed that its enforcement unit, together with the Bank Negara Malaysia, police and the Attorney-General’s Chambers raided the controversial MBI Group in both Penang and Kedah yesterday.
“The operations were made as part of investigations into the company under Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” the statement read.
A total of RM688,000 in cash and three luxury cars – a Range Rover, a Jaguar and a Toyota Vellfire – were seized, while RM27 million in a new bank account was also frozen.
It is believed that a top official of the Group has been arrested.
The authorities are expected to call a press conference in Bank Negara’s Penang office this afternoon to reveal more details on the operations.
MBI International was earlier red-flagged by Bank Negara for having a questionable financial scheme.
The MBI Group companies in Penang and Ampang were first raided on May 29.
On May 31, a total of RM177m with eight different banks in 91 bank accounts – 43 of them company accounts and 48 under individuals – was frozen.