Bags of cash, jewelry worth $273m seized from ex-Malaysia PM with $5,670 salary

Bags of cash, jewelry worth $273m seized from ex-Malaysia PM with $5,670 salary

- Luxury handbags, jewelry, cash and goods worth more than $225 million have been seized from former Malaysian prime minister, Najib Razak

- Razak is at the centre of an investigation into billions of dollars missing from a state fund called 1Malaysia Development Berhad (1MDB)

- The police conducted raids on six properties linked to Razak which led to the seizure of 12,000 pieces of jewelry valued at £165m

Cash, jewelry, luxury handbags and other items worth up to £206 million have been uncovered in police raids linked to Malaysia's former prime minister, Najib Razak, Sky News reports.

NAIJ.com gathered that the ousted leader is at the centre of an investigation into billions of dollars missing from a state fund called 1Malaysia Development Berhad (1MDB).

Malaysia police's head of commercial crime, Amar Singh, said raids on six properties linked to Razak had led to the seizure of 12,000 pieces of jewellery valued at 880m ringgit (£165m).

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Singh said cash in 26 different currencies worth 116m ringgit (£21m) was also discovered, adding that 567 handbags were seized, including designer Hermes bags, worth 51.3m ringgit (£9.6m).

"The total cost of all the items, the retail price, will be touching 910m to 1.1bn ringgit," Singh told a press conference.

Allegations of massive corruption were a major factor behind his shock election loss in May to a reformist alliance headed by 92-year-old Mahathir Mohamad.

Razak, who denies any wrongdoing, says the money in his account was donations from Saudi Arabia, most of which he returned.

The former prime minister's wife, Rosmah Mansor, became a target for public anger during his leadership due to her vast collection of handbags and jewels, and her reported love of overseas shopping trips.

Both Najib and Rosmah are currently banned from leaving the country.

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Last week, Malaysian authorities made their first arrest in their renewed investigation, detaining a former aide to Razak.

The unnamed 42-year-old, who had worked for Razak since 2009, was arrested on Sunday night, June 24, after giving a statement to anti-corruption officers.

Transactions involving 1MDB are being investigated in half a dozen countries, including the United States.

The US Department of Justice has alleged in lawsuits that more than $4.5bn from 1MDB was laundered through a complex web of transactions and shell companies, of which $681m ended in Mr Razak's bank account.

According to the US justice department, assets purchased using 1MDB money include a Picasso painting, luxury real estate in southern California and New York, shares in a Hollywood production company and a $265m yacht, and more than $200m worth of jewellery - including a 22-carat pink diamond pendant and necklace.

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NAIJ.com previously reported that eight suspected internet fraudsters have been arrested for their roles in a widespread Africa-based cyber conspiracy that allegedly defrauded United States companies and citizens of approximately $15 million since at least 2012.

The United States Department of Justice reports that five of the defendants - a Mexican, two Americans, a Ghanaian and a Nigerian, were arrested in the US.

The other three suspects - two Ghanaians and a Nigerian, were arrested overseas and were being held pending extradition.

BUSTED: Professional Hacker Nabbed Over Fraudulent Purchase of N28million Porshe | on NAIJ.com TV

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Source: Naija.ng

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