Swiss authorities have frozen millions of dollars linked to a state-run Malaysia investment fund engulfed by the biggest financial scandal in the country’s history.

Swiss authorities probing alleged corruption at Malaysia’s state investment fund have frozen funds worth tens of millions of dollars. 

The Office of the Attorney General has frozen the money held in Swiss bank accounts linked to 1Malaysia Development Berhad., or 1MDB, on suspicion of corruption and money laundering, a spokesperson told WealthBriefing. The spokesperson declined to give an exact figure for the amounts involved, but said it amounted to several tens of millions of dollars.

“The Office of The Attorney General of Switzerland (OAG) has frozen assets amounting several tens of millions of US-dollars on Swiss bank accounts. On 14 August 2015 the OAG opened criminal proceedings against two executives of the Malaysian State owned fund 1MDB (1Malaysia Development Berhad) as well as against person(s) unknown for suspected corruption of foreign officials (art. 322septies Swiss Criminal Code), suspected misconduct in public office (art. 314 Swiss Criminal Code) and suspected money laundering (art. 305bis Swiss Criminal Code). The proceedings are based on two notifications of suspicious transaction reports by the Swiss financial intelligence unit MROS. At this early stage of the procedure, the OAG is analyzing and consolidating evidence. The OAG is already in contact with the Malaysian authorities. International cooperation with foreign countries, in particular with Malaysia, will probably be necessary to establish the facts,” the OAG said.

This publication has also contacted 1MDB but had not received a response at the time of going to press. The organisation’s website carries numerous reports relating to the scandal. According to The Star Online, the body is unaware of any frozen accounts.

The Swiss probe started because of two notifications of suspicious money transfers by the Swiss Money Laundering Reporting Office.

“At this early stage of the procedure, the OAG is analyzing and consolidating evidence,” the spokesperson is quoted as saying. The OAG is already in contact with authorities in Malaysia, as well as other countries in Southeast Asia, to secure more information as part of the investigation.

The fund, which was founded by Malaysian Prime Minister Najib Razak, has amassed $11 billion in debt. Controversy over Najib’s involvement with the fund has turned the matter into a major scandal in the country. Reports describe it as the largest-ever corruption scandal in Malaysia.

It has been reported that Malaysian investigators had tracked down movements of hundreds of millions of dollars into what they thought were Najib’s personal bank accounts.

In March, the state-run investment organisation said: “The 1Malaysia Development Berhad has received a clean audit report (unqualified) for its audited financial statements for the year 2010-2014 by the Companies Commission of Malaysia (CCM).”