The raids come a day after MACC arrested a former CEO of the statutory body and the chairman of a holding company, who allegedly conspired with the directors and shareholders of a company in a share sale transaction.

A source from MACC said the raids were conducted to verify the company’s share value.

“Latest findings also indicate that the misconduct was systematically planned, with suspected cross-border fund transfers involving overseas accounts,” the source said.

The source said MACC has recorded statements from 10 witnesses, with seven more expected to be called in the near future.

MACC special operations division senior director Zamri Zainul Abidin said the investigation is focused on offences under Section 16 of the MACC Act 2009 for bribery, as well as criminal breach of trust.

He also said the investigators are analysing and identifying other possible criminal elements, particularly those related to money laundering.

A source from MACC yesterday said preliminary investigations found that the share sale involved an overvaluation and that the transaction caused losses of more than RM300 million in public funds.

The offence was alleged to have been committed by the two suspects from 2022 to 2023.

MACC had also raided 13 locations around the Klang Valley, including agencies, “public-interest companies”, offices and homes.

Sixty-two personal and company bank accounts, involving about RM450,000 in public funds, have been frozen.