Inspector-General of Police Razarudin Husain said the assets included illegal proceeds linked to a Ponzi-style investment scam known as “Pelaburan MBI”, which has a base in a neighbouring country.

He said the assets included 638 banking and share trading accounts containing over RM1.16 billion, 35 properties valued at over RM2 billion, 10 luxury vehicles, designer watches and handbags, jewellery, cash in multiple foreign currencies, as well as laptops and mobile phones.

Several important documents tied to the scam were also confiscated, Razarudin said.

He also said that seven men and one woman, all locals aged between 44 and 62, were arrested in the operation.

“The detainees included two businessmen and two lawyers, all four with the title ‘Datuk,” he added.

Razarudin said the suspects had been remanded for one to seven days for further investigation under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.