Technology · Malaysia Bureau
MyEG, Zetrix AI face criminal probe over RM230.9m remittance loss
Malaysian authorities are investigating technology firms MyEG Services Berhad and Zetrix AI over an alleged remittance failure totalling RM230.9 million. The case is being examined under Section 409 of the Penal Code, which covers criminal breach of trust.
LSN Malaysia ·
The investigation into MyEG and Zetrix AI marks a significant development in a matter involving substantial funds allegedly lost through remittance channels. According to statements from investigating authorities, the probe centres on circumstances surrounding the RM230.9 million figure and potential breaches of fiduciary duties.
Section 409 of the Penal Code applies to cases where individuals in positions of trust allegedly misappropriate or wrongfully retain property entrusted to them. The application of this provision indicates authorities are examining whether funds were improperly handled by persons with custodial responsibilities.
MyEG Services Berhad operates in the digital services and technology sector within Malaysia, while Zetrix AI is understood to operate in related technology domains. The investigation will likely examine transaction records, fund flows, and operational procedures at both entities.
The case underscores growing scrutiny of digital financial service providers in Malaysia. Authorities have not yet released details regarding potential timelines for the investigation's completion or any charges that may subsequently be filed. Both entities are expected to cooperate with investigating officers as the matter proceeds.