Police Arrest More in MBI Fraud Probe as Mayu Global Assets Gradually Released

KUALA LUMPUR, Aug 16 — Police have arrested several more individuals, including those with the honorific title “Datuk Seri”, in connection with the massive investment fraud scheme involving MBI International Group under Op Northern Star.

Bukit Aman Anti-Money Laundering (AMLA) Criminal Investigation Team chief Datuk Muhammed Hasbullah Ali confirmed the arrests, but said further details will be announced by Inspector-General of Police Datuk Seri Mohd Khalid Ismail.

The operation, launched earlier this year, had already seen 17 people detained and assets worth RM3.81 billion frozen, including those linked to entrepreneurs with titles such as “Tan Sri” and “Datuk Seri”, believed to be proxies and partners in the scheme.

MBI Fraud

Meanwhile, steel product maker Mayu Global Group Bhd (KL:MAYU), one of the companies linked to the MBI probe, said police released two luxury cars — a Mercedes Benz GLE 450 Coupe and a BMW 330LI — under bond on Aug 1.

This follows last week’s release of RM4.3 million from the company’s bank accounts, though RM6.4 million remains frozen. Police had earlier frozen a total of RM10.67 million across Mayu Global and its seven subsidiaries.

Mayu Global disclosed in a bourse filing that under Section 52A of the Anti-Money Laundering Act, seizure orders lapse after 12 months unless extended.

The group added it will continue to monitor developments and update shareholders accordingly. Shares of Mayu Global closed flat at 12 sen at Monday’s noon break, valuing the company at RM58 million, down 55% year to date.

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