The government has filed a civil forfeiture action to freeze seven bank accounts belonging to Jho Low's father Larry Low Hock Peng, said to be worth RM48 million.
According to The Edge Markets, the money the government is seeking to freeze and recover is believed to be from 1MDB.
"Three of the seven bank accounts are said to be fixed deposit accounts.
"We believe the monies were transferred from foreign companies that is said to be done by Hock Peng's son Low Taek Jho (Jho Low)," the report quoted a source as saying.
The civil forfeiture application was reportedly filed today at the Kuala Lumpur High Court, under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
The Edge Markets stated that this would allow the government to forfeit property without a prosecution.
The court is expected to fix a date for case management either tomorrow or Monday, it said.
This comes after the police seized Low's "luxurious mansion" in Penang earlier this week.
The fugitive businessperson has condemned the seizure of his family home as an attempt by Prime Minister Dr Mahathir Mohamad to score political points.
"The Low family property was built and completed around twenty years ago, during Mahathir’s previous administration.
"This was more than a decade before 1MDB ever existed and at that time Mr Low was still a teenager," a spokesperson for Low had said, following the seizure.
It was reported in January that the police are also looking for Hock Peng and his wife Goh Gaik Ewe.
In Aug last year, Low and Hock Peng were charged in absentia at the Putrajaya Sessions Court in relation to the misappropriation of 1MDB money, for which Low faces eight counts of money laundering while his father faces one charge.