ANTI-graft officers today once again raided Maika Holdings’ office in Klang, a source close to the investigation said.

Speaking to The Malaysian Insight, the source said Malaysian Anti-Corruption Commission (MACC) officers raided the office about 12.30pm and left with some documents.

“MACC raided the office again today after raiding it yesterday.

“It was a noon operation and they left with some documents,” the source said.

MACC raided the main office in Klang and several other related premises on Wednesday afternoon.

A day before, MACC visited Maika Holdings secretary office in Brickfields and took away several documents.

The raids came about after the graft-buster received documents on alleged corruption and abuse of power in Maika from a whistleblower in March.

The documents, which were sighted by The Malaysian Insight, detailed alleged dubious transactions that were made between 2000 and 2007.

Sources also said MACC was instructed to act against Maika following an exposé by Sarawak Report late February.

Sarawak Report alleged that Maika had passed millions of ringgit in cash and other forms of payments to companies linked to its former chief executive Vell Paari.

It reported that new documents from Maika’s liquidation proceedings suggested Vell Paari took millions from the fund in the years leading up to its collapse, with the money mostly diverted into several companies connected to the MIC leader.

Vell Paari, who is now MIC secretary-general, had denied any wrongdoing, saying that payments remitted to him when he was the fund’s chief executive were mere refunds as Maika had owed him money.

He also said Sarawak Report’s article on the matter was published after an attempt to blackmail him had failed.

Vell Paari, the son of former MIC strongman S. Samy Vellu, said he was contacted by two parties, with one demanding RM3.5 million to stop the article from being published on Sarawak Report.

Maika was founded by Samy Vellu in the 1980s as an investment vehicle with a focus on the Indian community.

It raised RM106 million from some 66,400 shareholders – 70% of whom were low income earners – for its investment activities, but its profits were allegedly channelled elsewhere.

In 2013, G Team Resources & Holding Sdn Bhd, led by tycoon G. Gnanalingam and S. Kunasingam, took over Maika.

In 2015, G Team agreed to reimburse Maika shareholders who had yet to surrender their shares.

MIC leaders told The Malaysian Insight that they have no say in Maika since the takeover, with the company moving from the MIC headquarters to Klang.

Maika is in the process liquidation. – April 18, 2019.