Putrajaya has dismissed a Hong Kong police probe into deposits purportedly linked to Prime Minister Najib Abdul Razak, claiming that it was based off "politically motivated" police reports.

A probe was commenced after former Batu Kawan Umno vice-chief Khairuddin Abu Hassan ( below ) lodged a police report in Hong Kong on Aug 30 where he claimed Najib was a “signatory” to four companies which held deposits of RM1.125 billion through Credit Suisse Hong Kong.

He also claimed the companies were linked to Penang-born billionaire Jho Low and his family.

According to Financial Times , a Malaysian government spokesperson described the claim as "baseless and politically motivated lies".

"The prime minister does not control any Credit Suisse bank accounts in Hong Kong, whether in his name or the name of the companies mentioned," the spokesperson was quoted as saying.

The report said the government spokesperson also accused Khairuddin of sharing the same motivations as former premier Dr Mahathir Mohamad - which is to topple Najib.

It is unclear if the alleged funds are linked to the RM2.6 billion deposits that were reportedly in Najib's personal bank accounts in AmPrivate Bank in Malaysia, the whereabouts of the remainder of which remains unknown.

The Malaysian Anti-Corruption Commission (MACC) had said the money was not linked to 1MDB but it planned to call Najib to explain, in particular, a separate deposit of RM42 million from Finance Ministry-controlled company SRC International into his personal bank account.

Najib had denied taking public funds for personal use while his supporters claim the money was a political donation.

Separately, Switzerland and Singapore also have open investigations against 1MDB, Najib's brain child, which is now struggling to repay its US$11 billion debt.