GEORGE TOWN: The founder of MBI Group International, who was arrested on Monday following investigations into the company’s alleged illegal money scheme, has been released today.
The remand order for the founder, in his early 50s, ends tomorrow.
Domestic Trade, Cooperatives and Consumerism Ministry enforcement director Datuk Mohd Roslan Mahayudin said the founder was released this afternoon.
“We released him after we recorded his statement.
“We will definitely call him in later if the need arises,” he told the New Straits Times when contacted today.
It was reported that the founder was arrested at his luxury home in Taman MBI DesaKu in Kulim, Kedah in a raid at 6.30am on Monday.
Raids were also conducted in Sungai Dua, Butterworth and another area in Kulim.
Authorities seized more than RM600,000 in cash as well as three luxury vehicles.
Four bank accounts, containing RM30 million, under Mface Club belonging to a relative of the founder were also frozen.
The operation was conducted under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. It carries a jail term of not more than 15 years and a fine no less than five times the total illegal proceeds or RM5 million, whichever is higher.