A major money laundering scam connected to an illegal internet gambling company was allegedly successfully halted by Malaysian police.
The enterprise, which involves laundering hundreds of millions of ringgit in unlawful gaming proceeds from overseas, was discovered by the Bukit Aman Anti-Money Laundering (AMLA) division, according to the Malay Mail.
The chief of the AMLA division, Datuk Muhammad Hasbullah Ali, stated that the suspect wanted to hide his illegal actions from the local government. He achieved this by manipulating deposits of illegal monies through offshore organizations utilizing a local Labuan investment bank.
The bank is a regulated financial institution that functions under the Labuan Offshore Financial Services Authority. The suspect, a non-Malaysian individual with dual citizenship, got commissions from more than 10,000 online gambling transactions.
According to authorities, RM14.05 billion ($3.18 billion) is made from gambling overall, of which RM371 million ($84.13 million) is sent to Malaysia.
An estimated RM281 million ($63.69 million) of the RM371 million ($84.13 million) was set aside for the purchase of stock units. Following investigations, a number of the suspect’s bank accounts were frozen, including a Central Depository System account with RM281 million ($63.69 million) and an escrow account with RM18.55 million ($4.21 million).
Authorities also disclosed that the suspect is on Interpol’s Red Notice list and is now wanted in his own country.
