The remand order against the 50-year-old man was issued by magistrate R Prabakaran following an application by the Malaysian Anti-Corruption Commission (MACC).

According to sources, the man who has a “Datuk” title was arrested at his home in Ipoh, Perak at about 4pm yesterday.

He is the fourth individual arrested by MACC in its investigation into the case.

The other three included a female CEO of a bank subsidiary, who was arrested a few days earlier and whose remand order was extended for three days from today.

Also arrested were two men, aged 53 and 58, both of whom have since been released on bail of RM15,000 each.

Meanwhile, according to the source, the investigation team had managed to recover almost all of the money amounting to RM24 million through seizures of money and assets.

MACC had also frozen 22 bank accounts belonging to individuals and companies, involving RM6.3 million, which were believed to be related to the case.

“The investigation team is also said to have succeeded in locating the money belonging to the main suspect in this case, amounting to RM16.3 million which was kept in a neighbouring country.

Meanwhile, MACC director (Anti-Money Laundering and Asset Forfeiture) Zamri Zainul Abidin when contacted confirmed the arrest and said the case was being investigated under Section 16(a)(A) of the MACC Act 2009.