PUTRAJAYA June 25 — The ongoing investigation into a ‘Tan Sri’ allegedly involved in the embezzlement of sukuk funds has revealed that millions were converted into digital currency, according to the Malaysian Anti-Corruption Commission (MACC).
MACC Chief Commissioner Tan Sri Azam Baki said during a press conference that approximately RM11 million from the sukuk funds had been transferred into digital assets.
“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 However, we are still tracing how the money was withdrawn and utilised.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 during the press conference at MACC headquarters today.
Azam added that at least 10 more witnesses will be called to assist with the investigation.
“So far, 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.
For now, Azam stated, there is no need to summon the individual with the “Tan Sri” title again for questioning.
When asked about the alleged use of the funds for gambling, Azam said the activity was believed 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 said in jest.
Previously, a prominent individual with the title “Tan Sri” was among several people investigated by MACC over the alleged misappropriation of sukuk funds allocated for the MEX II highway construction project.
MACC has reportedly seized a wide range of luxury assets estimated to be worth RM32 million, believed to belong to the highway concessionaire. The items include designer handbags, jewellery, high-end vehicles, luxury watches, cash, and a lavish residence.
The investigation also uncovered premium alcoholic beverages valued at RM3 million and suggested that approximately RM20 million of the sukuk funds may have been spent on gambling activities.
In addition to the domestic assets worth RM141 million already seized, MACC is currently tracing RM15 million worth of assets abroad linked to the case.
The seized items include RM4.5 million in personal bank accounts, RM33 million in company accounts, luxury condominiums and land worth RM24.5 million, RM26 million in luxury watches, nine luxury cars valued at RM7.65 million, and jewellery and diamonds worth RM10 million.
Other seized assets include RM6 million in designer handbags, gold bars, statues and gold coins worth RM3 million, and four horses estimated to be worth RM400,000.