Low
was able to carry out the fraud for so long because of his close ties to the
Malaysian government, specifically to former Prime Minister Najib Razak. Razak
is accused of turning a blind eye to the fraud and even benefiting from it, as
some of the stolen funds were allegedly used to fund his political campaigns.
The
1MDB scandal came to light in 2015, when the Wall Street Journal published an
investigative report alleging that billions of dollars were missing from the
fund. Since then, authorities in multiple countries have been investigating the
fraud and have brought charges against Low and several other individuals
involved in the scheme
Here
are the top 10 ways in which the 1MDB fund was allegedly misused:
Top 1# Personal
enrichment
Low and other individuals are accused of using the stolen money to fund their lavish lifestyles, including buying lavish properties, artwork, and other luxury items.
Top 2# Political
campaigns
Some of the stolen money was allegedly used to fund the political campaigns of former Malaysian Prime Minister Najib Razak.
Top 3# Investment
in Hollywood
Low used some of the stolen funds to invest in Hollywood movies, including "The Wolf of Wall Street."
Top 4# Gambling
Low and other individuals are accused of using the stolen funds to gamble at casinos around the world.
Top 5# Investment
in luxury real estate
The stolen funds were used to buy luxury properties in multiple countries, including the United States, the United Kingdom, and Australia.
Top 6# Investment
in private businesses
Low and others used the stolen funds to invest in private businesses, including a New York City hotel and a casino.
Top 7# Payment of
bribes and kickbacks
Low and others are accused of using the stolen funds to pay bribes and kickbacks to government officials and other individuals.
Top 8# Investment
in a music label
Low used some of the stolen funds to invest in a music label and sign artists to it.
Top 9# Payment of
legal fees
Low and others used the stolen funds to pay for legal fees related to the 1MDB investigation.
Top 10# Personal
loans
Low
and others used the stolen funds to make personal loans to themselves and
others.
Overall,
the 1MDB scandal was a massive financial fraud that involved the misuse of
billions of dollars of public funds. The investigation into the fraud is
ongoing, and individuals involved in the scheme have been charged in multiple
countries. The scandal has had far-reaching consequences, leading to the
downfall of the Malaysian government and damaging the country's reputation on
the global stage.
Post a Comment