Police cracked down on the 'Tangkap Jho Low' (Arrest Jho Low) rally in Kuala Lumpur several minutes before it was scheduled to start at 2pm today.

The rally is being held to call for the arrest of businessperson Low Taek Jho, who is a key figure in a major money laundering investigation in the US and named in a series of its related forfeiture suits.

Dang Wangi district police chief Shaharuddin Abdullah arrived outside Sogo shortly before 2pm, and issued a warning for the participants of the rally to disperse.

"Please clear the area... I ask all of you, especially the ones wearing yellow or blue, please clear the area," said Shukri, who came with over a dozen policemen.

"I don't allow any gathering to be held here. You understand?" Shukri said to a protester who insisted he has a right to peacefully assemble.

Shortly after, a group of policemen were seen dragging student activists Luqmanul Hakim and Asheeq Ali across the road from Sogo for a 'talk', while Suaram executive director Sevan Doraisamy attempted to negotiate with Shukri.

Emotions ran high as supporters surged towards the student leaders, but were pushed back by the police.

The waiting crowd of roughly 500 continued to chant, "Tangkap Jho Low," while policemen on site were heard saying that such gatherings should not be allowed to go on.

At about 2.15pm, Sevan announced a two minute "stand down" while they continued to negotiate with the police.

"We have not made any decisions yet, (whether to move or otherwise)," he told the crowd.

At 2.40pm, organisers called for the crowd to march towards Dataran Merdeka, defying police orders.

"The organisers have promised that we will go down to the streets. So we will go down to the streets," said Suaram coordinator Amir Abdul Hadi, who spoke from a lorry parked by the curb.

He also told the crowd that police had given organisers two options - march and face arrests, or remain and rally at the site for 30 minutes.

'Harapan will arrest Low'

About 10 minutes later, Shukri was heard giving out another dispersal call, followed by a final warning to "get off the streets" shortly after.

Amanah president Mohamad Sabu arrived on site at around 3pm and addressed the crowd from behind the lorry, which had been moved to the side of the road.

"After May 9, we’ll take over the government, and we will order for the arrests of Jho Low and MO1 (Malaysian Official 1).

"Looking at the spirit shown by youths today, if we the older generations are 'called to meet the creator', we can leave peacefully," he said.

While it is unclear whether Mohamad had convinced organisers to call off their plans to march, the crowd eventually moved up the steps of Sogo and listened to speeches from youth activists representing the rally organiser, Anak Muda Cari Jho Low.

Aside from chants, songs and banners, the rally organisers brought along several replicas of the superyacht Equanimity US authorities claim Jho Low had bought using laundered funds, cardboard cutouts of the Penang-born tycoon wearing a pirate hat and eyepatch, as well as a cutout of celebrity Paris Hilton who had reportedly partied on board the vessel.

At around 3.30pm, Shukri, who remained to observe the rally, declared that their time was up and organisers acceded to his request after handing over their memorandum with a demand for police to locate and arrest Jho Low.

He later told reporters that no arrests were made, adding organisers had submitted a notice earlier in accordance with the Peaceful Assembly Act 2012.

"I had called them up for a discussion, I had set conditions, and they failed to comply with the conditions," he said, adding the organisers would be called up for investigations under the Act.