Malaysian police seized over 400 handbags and cash amounting to almost $30 million in raids on luxury apartments as they probed corruption allegations swirling around ousted leader Najib Razak.

The money and a vast trove of handbags, as well as watches and jewellery, were found in two condominiums in Kuala Lumpur.

A total of 12 locations, including the ex-leader's home, were searched by police last week as part of an investigation into the scandal surrounding a sovereign wealth fund.

After more than six decades in power, Najib's coalition was defeated by a reformist alliance headed by his former mentor Mahathir Mohamad in the May 9 poll.

Public disgust at allegations of corruption linked to Najib was a major factor in the upset, with the ex-leader, his family and cronies accused of looting state fund 1MDB.