Former Malaysian leader arrested, to be charged for graft

Najib's Son to be Called in for Questioning at MACC Tomorrow Regarding 1MDB Scandal- WORLD OF BUZZ

FILE PHOTO: Malaysia's former prime minister Najib Razak arrives to give a statement to the Malaysian Anti-Corruption Commission (MACC) in Putrajaya, Malaysia, May 24, 2018.

The Malaysian Anti-Corruption Commission (MACC) confirmed that former prime minister Datuk Seri Najib Razak has been arrested earlier today. In addition, the police have seized cash, handbags and jewelry valued at more than 1 billion ringgit as part of the investigation.

Three years ago, the Wall Street Journal reported that Malaysian investigators had traced the deposit to a state fund 1MDB that Najib founded over a decade ago.

Najib denies any wrongdoing.

This story is developing.

The Malaysian government under Najib was accused of blocking probes into 1MDB and not cooperating with foreign agencies investigating the fund, but local probes have been reopened since Mahathir came to power.

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Najib was arrested by Malaysian anti-corruption agents and Malaysian authorities said he will be charged in court on Wednesday.

The US Department of Justice has alleged in lawsuits that more than $4.5bn (£3.4bn) from 1MDB was laundered through a complex web of transactions and shell companies, of which $681m ended in Najib's bank account.

Veteran legislator Lim Kit Siang, whose party is a member of the current ruling coalition, said Najib's arrest had been expected. That includes real estate, art and proceeds from "The Wolf of Wall Street", which was directed by Martin Scorsese and starred Leonardo DiCaprio.

Red Granite agreed in March to pay the United States government $60m to settle claims it benefited from the 1MDB scandal.

Hundreds of millions of dollars were also reportedly found in his personal bank accounts.

US investigators say $4.5 billion is suspected to have been looted and laundered from the fund, some of which landed in Najib's bank accounts. It said the accounts, belonging to 81 people and 55 companies, are thought to have received funds from 1MDB between 2011 and 2015.

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