Police raids office of state fund 1MDB

Police in Malaysia have raided the office of state-owned fund 1MDB office, local newspaper The Star reported on Wednesday.

The raid, which began in the morning, is reportedly still ongoing, The Star posted on its website.

1MDB, whose advisory board is chaired by Prime Minister Najib Razak, has been under investigation by state authorities following allegations of financial mismanagement.

1MDB and Malaysia police did not respond to Reuters requests for comment.

Last week, the Wall Street Journal reported that investigators looking into 1MDB had traced nearly $700 million that had gone into bank accounts they believe belonged to the prime minister.

Reuters could not independently verify the WSJ report. Najib has denied taking any money from 1MDB or other entities for personal gain.