KUALA LUMPUR: A businessman with the Tan Sri title was arrested upon his return from Osaka, Japan, for allegedly defrauding the public of RM10 million.

The money was reportedly handed over to the police in an attempt to resolve cases linked to money laundering.

According to sources, the man in his 50s and with 30 years experience in the oil and gas industry was detained by Bukit Aman's Anti-Money Laundering Criminal Investigation (AMLA) Unit as soon as he arrived at his home in an upscale residential area earlier today.

"So far, the suspect has taken about RM10 million from victims, after initially demanding RM25 million. He claimed to have close connections with the police and promised to resolve their legal issues," the source told Harian Metro.

The suspect allegedly said that the money would be handed over to the police to help the victims avoid any legal action or investigation related to the AMLA case.

The sources added, "However, the suspect's activities were uncovered by the AMLA team, who conducted surveillance and investigations before arresting him today.

"The suspect will be brought to court tomorrow to apply for a remand order."

The individual is an experienced figure with 30 years in the oil and gas industry and is also the chairman of a company.

Meanwhile, Inspector-General of Police Tan Sri Razarudin Husain said that a press conference regarding the case would be held soon.