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US now moves criminal investigation into 1MDB funds

Free Malaysia Today logo Free Malaysia Today 11/8/2017 Bloomberg

DOJ-1MDB © Provided by MToday News Sdn Bhd DOJ-1MDB LOS ANGELES: The US is conducting a criminal investigation into money stolen from 1MDB that allegedly was used to buy more than US$1 billion in real estate and other assets.

Court filings by the Department of Justice (DoJ) Thursday shows the US is escalating its probe in a worldwide effort to track how much of the money that that was raised by 1MDB for development projects was used to pay for luxury real estate, art, film productions and more.

DoJ officials asked a judge in Los Angeles to put on hold civil forfeiture lawsuits against assets acquired by Malaysian financier Low Taek Jho, also known as Jho Low, because pursuing these may have “an adverse effect” on its ability to conduct the criminal investigation.

In its civil cases, the US has alleged that from 2009 through 2015, more than US$4.5 billion belonging to 1MDB was diverted by high-level officials of the fund and their associates.

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