Kuala lumpur: A man bearing the title Tan Sri was among two individuals arrested by the Malaysian Anti-Corruption Commission (MACC) on suspicion of involvement in a large-scale investment fraud exceeding RM300 million. The arrest took place in Kuala Lumpur, with the MACC taking swift action against those implicated in the fraudulent activities.

According to BERNAMA News Agency, MACC Chief Commissioner Tan Sri Azam Baki revealed that the individuals are believed to be part of significant fraudulent operations that fall within the commission's investigatory scope. The fraud has affected numerous investors who have suffered substantial financial losses due to these activities.

Azam Baki stated that the Tan Sri was apprehended yesterday and has been remanded for four days starting today, following his detention at the MACC headquarters in Putrajaya. A female suspect in her 50s, who serves as a board member of the Tan Sri's company, was also arrested the day before yesterday. Both individuals are being investigated under the classification of economic crime.

The fraudulent schemes reportedly began approximately two years ago and included various unclear investments promising high returns. Azam Baki emphasized that any company planning to undertake investment activities must obtain approval from the Securities Commission, as there are established laws and oversight mechanisms. However, the Tan Sri's company lacked such approval, yet managed to gain public trust.

Azam Baki advised the public to exercise caution and verify investment opportunities with authorities to prevent falling victim to similar schemes. He noted that some investors have suffered losses as high as RM4 million.

The Tan Sri, described as being in his late 60s and a well-known figure, is accused of deceiving Malaysians nationwide through these fraudulent activities.