Police have seized and frozen an additional RM527.5 million in assets linked to MBI International Group, bringing the total value of assets recovered in the investment fraud case to RM3.8 billion.
Three more individuals, including a businessman holding the Tan Sri title, were recently arrested in connection with the ongoing investigation under Op Northern Star.
Bukit Aman Commercial Crime Investigation Department acting director, Datuk Seri Muhammed Hasbullah Ali, said the suspects—aged 46, 54 and 58—were arrested in Kuala Lumpur and Penang between 1 and 17 May.
“The three acted as proxies operating various businesses to launder money obtained through the syndicate’s fraudulent activities,” he said.
The latest seizure includes four luxury yachts valued at RM36.3 million, 477 properties worth RM150 million, four condominium units worth RM12 million, 37 bank accounts holding RM328,088,127.11, and RM283,070 in cash.
With these arrests, the total number of individuals detained in the MBI fraud case has risen to 17, while total assets seized and frozen now stand at RM3.81 billion.
Muhammed Hasbullah said further arrests and asset seizures have not been ruled out.
Asked whether any politicians were involved in the syndicate, he said none had been identified thus far but did not dismiss the possibility pending further investigations.
Earlier this month, The Star reported that a Tan Sri was arrested for his alleged role in the MBI investment scam. The 53-year-old, who was detained in Penang on 1 May after returning from overseas, is believed to be either a proxy or a business associate of the suspects.
Previously, two other prominent businessmen with Tan Sri titles and a Datuk Seri were also detained in connection with the case.
Between 21 March and 21 April, the first 13 arrests led to the seizure of RM3.5 billion worth of assets, including a hotel and durian plantations linked to the MBI investment scheme.
Among those assets were durian plantations in Pahang, Penang, and Kedah valued at RM223,624,167.75. In addition, 299 bank accounts holding RM123,614,594.35 were frozen.
All assets seized are believed to have been acquired using funds from the fraudulent investment scheme.