MACC Raids IJM, Freezes 55 Accounts Worth RM15.8 Million in Expanding Probe

Anti-graft officers conducted coordinated raids linked to IJM Corporation as authorities widened investigations into alleged financial irregularities.

The Malaysian Anti-Corruption Commission (MACC) has intensified its investigation into IJM Corporation Bhd after carrying out a series of coordinated raids and freezing 55 bank accounts with a combined value of RM15.8 million, signalling a significant escalation in one of the most closely watched corporate probes in recent months.

According to sources familiar with the operation, MACC officers moved simultaneously on several locations, including corporate premises and private residences linked to individuals associated with the conglomerate. The operation was conducted as part of a broader investigation into alleged corruption, financial misconduct, and possible money-laundering activities involving corporate transactions and asset movements.

Investigators are understood to be examining the flow of funds across multiple accounts, both personal and corporate, to determine whether the money originated from legitimate business activities or was linked to unlawful gains. The freezing of accounts, sources say, is intended to prevent the movement of funds while forensic audits and financial tracing continue.

The probe is believed to focus on governance practices, procurement decisions, and high-value transactions that may have taken place over several years. Authorities are also scrutinising overseas-linked assets and cross-border financial transfers, which have raised red flags during preliminary investigations.

Several individuals, including senior management personnel, have already had their statements recorded. While no arrests have been announced so far, MACC has not ruled out further action, stressing that the investigation is still at an active stage and could expand depending on evidence uncovered.

In a brief response, IJM said it is aware of the MACC investigation and is cooperating fully with authorities. The company emphasised that it remains committed to transparency and good governance, while urging stakeholders not to speculate as investigations are ongoing. It also reiterated that the probe does not amount to a finding of guilt.

Market observers noted that news of the raids and account freezes has unsettled investor sentiment, with concerns over potential reputational damage and financial exposure. Analysts, however, cautioned against drawing premature conclusions, pointing out that asset freezes are a standard investigative measure and do not necessarily imply wrongdoing.

Anti-corruption advocates have welcomed MACC’s move, describing it as a test of institutional independence and enforcement consistency. They argue that decisive action in high-profile corporate cases is essential to maintaining public confidence and deterring financial misconduct at the highest levels.

Legal experts also highlighted that cases of this scale are often complex and time-consuming, involving extensive document reviews, witness testimony, and cross-agency cooperation. Any eventual prosecution, they noted, would depend on whether investigators can establish clear links between the frozen funds and criminal offences under existing laws.

As the investigation unfolds, attention is expected to remain firmly on both MACC and IJM, with further disclosures likely in the coming weeks. For now, the account freezes mark a critical development, underscoring the seriousness of the probe and reinforcing the message that corporate stature does not place any entity beyond scrutiny