MACC chief commissioner Azam Baki said the man, in his 60s, was arrested at the commission’s office yesterday. The Putrajaya magistrates’ court granted a four-day remand for further investigations this morning.

He said a woman in her 50s, who is a board member of an investment company, was arrested the day before on suspicion of involvement in the large-scale fraud, Harian Metro reported.

“Many investors have lost hundreds of millions of ringgit, and we estimate the total losses suffered by investors to be more than RM300 million over the past two years.

“The investments offered by the two suspects varied and promised high returns,” he was quoted as saying at the “Cakna Rasuah: MACC with the Media” programme in Kota Bharu.

Azam also warned the public to be cautious and avoid investments that could result in heavy losses.