Singapore police freeze two bank accounts related to 1MDB probe

Singapore police freeze two bank accounts related to 1MDB probe
PHOTO: Reuters

SINGAPORE - Singapore's police have frozen two bank accounts as part of an investigation linked to Malaysian sovereign fund 1MDB, which is being probed by authorities in Malaysia for financial mismanagement and graft.

"On 15 July 2015, we issued orders under the Criminal Procedure Code to prohibit any dealings in respect of money in two bank accounts that are relevant to the investigation,"Singapore police said in a statement on Wednesday.

It did not identify the bank or the accounts in question because the investigation is continuing.

The Wall Street Journal (WSJ) reported that investigators looking into 1MDB had traced close to US$700 million (S$955 million) of deposits into personal bank accounts belonging to Prime Minister Najib Razak.

Reuters has not verified the WSJ report.

Najib has denied taking any money for personal gain and said the corruption allegations are part of a malicious campaign to force him out of office. 1MDB has denied transferring funds to Najib.

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