Singapore freezes bank accounts over Malaysia 1MDB graft scandal

Police in Singapore have frozen two bank accounts as part of an investigation into alleged money laundering at Malaysia’s troubled state fund 1MDB. It’s alleged the fund funneled millions of dollars to the premier.

Singapore police said in a statement Wednesday that they had taken the step on July 15 to “prohibit any dealings in respect of money in two bank accounts that are relevant to the investigation.”
It’s the first time accounts outside of Malaysia have been frozen in connection to the probe into corruption at the state-run development firm, 1Malaysia Development Berhad. Authorities declined to identify the banks or the accounts in question because the investigation is ongoing.

The investment fund has faced criticism over allegations of financial mismanagement and its debt of around 42 billion ringgit ($11.09 billion; 10.13 billion euros). Embattled Malaysian Prime Minister Najib Razak chairs the fund’s advisory board.
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Source News: DW