Malaysia has filed charges against 17 current and former executives of investment giant Goldman Sachs for their alleged involvement in the government development fund Malaysia Development Berhad 1.

The Malaysian state development fund is the subject of a large-scale international investigation, including Singapore, Switzerland, Hong Kong and the United States, after high-level Malaysian officials, including former prime minister Najib Abdul Razak, are suspected of taking $ 4.5 billion in public funds.

Goldman Sachs was heavily scrutinized for its role in the scandal-plagued fund. The investment bank was tasked with raising $ 6.5 billion through a bond offering for Malaysia Development Berhad 1.

"The charges were brought under the Capital Services and Markets Act," Attorney General Tommy Thomas said in a statement.

Among those indicted were Goldman Sachs CEO Richard Nude.

"There will be free penalties and criminal fines against the defendants, given the gravity of the fraud scheme and the embezzlement of billions of bond yields," Thomas said.

In 2018, Malaysia filed criminal charges against Goldman Sachs and two former employees of the US company, Tim Lesnar and Roger Eng, for their involvement in the Malaysia Development Berhad 1 case.

Malaysia is also seeking compensation from the company of up to $ 6.5 billion. Goldman Sachs distanced itself from the allegations, saying its employees' actions were carried out without their knowledge.