Ex-Century Bank CEO arrested over billion dollar embezzlement scandal

The former CEO of the ex-Century Bank, Dr Munir Lallmahamood, was arrested by the Independent Commission Against Corruption (ICAC) on Friday 24 February as part of an international investigation into the 1Malaysia Development Berhad scandal in which billions of dollars were embezzled.

After giving his version, Dr Munir Lallmahamood was allowed to leave but will have to appear before the Rose Hill Court on Monday 27 February on a provisional charge of money laundering.

The ICAC had started an investigation into the role of Century Bank into the scandal after the FBI arrested and convicted former Goldman Sachs banker Tim Lesner in the United States.

In August 2020, the Bank of Mauritius revoked the Islamic Banking Licence of Century Banking Corporation Ltd with immediate effect. 

“Despite numerous warnings from the Bank, CBC has failed to remedy several breaches of the banking laws relating to capital requirement, internal control systems, compliance with anti-money laundering and combatting the financing of terrorism requirements and record-keeping obligations,” it said then.

The Bank added that, in light of the foregoing, revoked the licence of CBC with immediate effect “in the public interest and for the protection of depositors”.

Former Malaysian PM Najib Razak was sentenced to 12 years in prison after found guilty in the scam.

Source: Le Mauricien