Berita Harian quoted a Malaysian Anti-Corruption Commission source as saying the pair would be charged in the Kuala Lumpur sessions court.

In January, MACC chief commissioner Azam Baki confirmed the arrest of a man with a “Tan Sri” title for allegedly defrauding investors of more than RM300 million over the past two years.

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.

As part of its investigation, MACC froze 14 bank accounts and raided five premises in the Klang Valley. The investigation found that about 1,700 people had invested almost RM300 million into two companies between 2021 and 2024.

The funds were allegedly misappropriated and used for purposes outside what had been agreed to in the investment contracts.