The Malaysian Anti-Corruption Commission (MACC) has reported that about RM11 million in sukuk funds for the Maju Expressway Extension (MEX II) project were instead spent on cryptocurrencies.
Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki said that a number of the funds involved were believed to have been converted into cryptocurrencies and used for purchase purposes, not for the original MEX II project.
They are trying to trace how the money was taken out and how it was used during a press conference at the MACC headquarters.
So far, the MACC has recorded statements from 55 witnesses and frozen 14 bank accounts totaling RM156 million.
Around 10 additional witnesses will be called in the near future, and he has ordered that the investigation papers be completed within two months, or sooner if possible.
Investigations revealed that hundreds of millions of sukuk funds that were supposed to be channeled for highway construction were allegedly misappropriated and used for personal gain by a corporate figure with the title ‘Tan Sri’.
The funds were believed to have been transferred to several entities including a proxy company and the personal account of Tan Sri’s wife, before being used to purchase luxury properties, exclusive vehicles, luxury goods, and finance gambling activities.
Among the assets that MACC has seized so far include a luxury condominium and a plot of land worth RM24.5 million, as well as nine vehicles worth RM7.6 million.
Regarding previous reports that RM20 million of the sukuk funds for the project were spent on gambling, Azam said the actual amount may be higher than that.
