Ringgit Weakened in Feb
Malaysian authorities dismantled a Ponzi scheme called MBI Investment, based in a neighboring country, through a cross-border operation on March 20, named Operation Northern Star.
The operation, led by the Anti-Money Laundering Investigation Team and prompted by an Interpol red notice, resulted in the arrest of eight local suspects, including four with the title “Datuk” (two entrepreneurs and two lawyers), aged 44 to 62.
Assets worth RM3.17 billion were seized and frozen, including 638 bank and share accounts (RM1.16 billion), 35 properties (RM2 billion), 10 luxury vehicles, 13 luxury watches, cash, jewelry, electronics, handbags, and documents, all believed to be proceeds of the scam.
The suspects were remanded for one to seven days for further investigation, and the police vowed to pursue others involved in related money laundering activities while urging the public to stay cautious.
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