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Offshore funds linked to 1MDB scandal also involved in Indian, Russian frauds

PANDORA PAPERS | Offshore funds involved in moving money misappropriated from 1MDB were found to be tied to high-profile frauds in India and Russia, checks by Malaysiakini as part of a joint investigation with the International Consortium of Investigative Journalists (ICIJ) found.

The two Curacao-based investment funds - Enterprise Emerging Markets Fund BV (EMMF) and Cistenique Investment Fund BV - were involved in transferring US$455 million (RM1.49 billion) misappropriated from 1MDB from 2012 to 2013.

The funds were involved in two parts of the 1MDB scam - first by siphoning off part of US$3.5 billion (RM11.2 billion based on the exchange rate then) raised through government-backed bonds in 2012, and transferring the stolen cash to a company owned by Jho Low associate, Eric Tan Kim Loong.

In the second part, they were part of four companies involved in creaming off US$1.59 billion (RM5.32 billion) from bonds raised with the help of...

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