1MDB scandal: Singapore to return seized S$50.3 million to Malaysia

Picture for representation
Traffic passes a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur Reuters

Singapore police stated that they would return S$50.3 million to Malaysia that the officials had seized in connection with the massive 1Malaysia Development Berhad (1MDB) scandal.

The Republic is among the countries that launched probes into allegations that billions of dollars were misplaced from Malaysian wealth fund 1MDB that stretched from Asia to US.

As per the reports, the massive financial scandal involved Malaysian former leader Najib Razak, his family members and inner circle which in the defeat of his long-ruling coalition at the polls last year.

However, the Singapore police said that their commercial affairs department had filed an application and the court-approved to return the seized money linked to the scandal to Malaysia. But the officials did not reveal from where they found that huge amount of money.

As per Star Online, police added that a part of the seized money has already been transferred to Malaysia, while the remainder is under the bank process.

Singapore's investigation, in this case, has shown that 1MDB's financial system was used to launder some of the stolen funds and a Swiss banker as well as three Singaporean private bankers were jailed in the Republic for their roles in this affair. Later, it closed two Swiss bank branches which allegedly used to transfer illegal funds.

The US Department of Justice has also been on a drive to seize the assets in US, allegedly bought with stolen 1MDB money. The department said that some US$4.5 billion was misappropriated from the fund.

Former Malaysian Prime Minister Najib has been associated with the scandal and was arrested. He has been put on trial since April.