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THE Royal Malaysian Police (PDRM) have confirmed raids on several premises linked to businessman Victor Chin as part of an ongoing investigation into alleged “corporate mafia” activities involving forced company takeovers.
Senior police officers said the operation formed part of a wider probe being conducted together with the Securities Commission Malaysia, following allegations of corporate manipulation involving business figures and enforcement officials.
Inspector-General of Police Datuk Seri Mohd Khalid Ismail said investigators had already acted at a number of locations connected to the businessman and that further inquiries were continuing under Malaysia’s anti-money laundering legislation.
“Action has also been taken at several premises linked to an individual known as Victor.
“This case is still under investigation and, if necessary, another press conference will be held to inform the public of further developments,” he told reporters during a press conference at the Putrajaya district police headquarters.
The investigation is being conducted under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
Also present at the briefing was Bukit Aman Criminal Investigation Department director M Kumar.
Earlier reports said enforcement officers from the police and the Securities Commission raided several properties linked to Chin and seized documents and other items to assist the investigation.
Items reportedly confiscated included two vehicles, luxury watches, jewellery, local and foreign currency and documents relating to his corporate transactions.
The investigation follows a directive issued by Malaysia’s Cabinet last week ordering several agencies, including the police, the Securities Commission, the Malaysian Anti-Corruption Commission and the Inland Revenue Board, to examine allegations of corporate manipulation linked to a so-called “corporate mafia”.
The instruction came amid mounting calls, including from senior government figures, to establish a royal commission of inquiry to investigate the claims.
The controversy stems from a report published in February alleging the existence of a network involving businessmen and officials from the Malaysian Anti-Corruption Commission who were said to have targeted companies for takeover.
According to the report, certain enforcement officers allegedly provided intimidation services, including investigations and raids, to pressure executives into selling their shareholdings.
Chin, who is currently executive director of MMAG Holdings Bhd, has denied any involvement in such activities.
In a statement sent by email to Bloomberg, he acknowledged that aggressive tactics in corporate takeovers might exist in the business environment but insisted that he was not responsible for orchestrating them.
“If I am interested in investing in or acquiring a company, it is done through proper and legitimate corporate channels through transparent share acquisitions, lawful transactions and in compliance with regulatory requirements.
“I do not subscribe to or participate in any kind of 'corporate mafia' tactics that have been alleged to exist within certain parts of the corporate landscape in Malaysia,” he said.
Chin also expressed support for calls to establish a royal commission of inquiry, saying he was confident that a thorough investigation would clear his name.
He argued that the allegations had been linked to him largely because companies or individuals previously associated with him through shareholdings or business ties had later come under investigation.
“In several cases, those shareholdings had already been disposed of long before the alleged wrongdoing took place, or prior to my involvement in the particular company concerned,” he said.
Chin said he would appoint lawyers to deal with the accusations and would provide documentation to both his legal team and enforcement authorities to demonstrate his innocence.
“I want to emphasise that I am not only facing accusations but am also a victim of the same corporate mafia tactics being alleged,” he said. - March 17, 2026