The Malaysian Anti-Corruption Commission, in collaboration with the Central Bank and financial institutions, has busted an illegal syndicate that assisted heavily indebted public servants in obtaining personal loans from local banks. During a raid, they seized 4,000 documents for further investigation.
After banking staff were suspected of assisting clients in getting loan approvals in exchange for kickbacks, authorities conducted a raid on Monday (13th) at 24 locations across the Klang Valley, arresting 12 suspects, including the syndicate leader.
According to a report by the Malaysian Anti-Corruption Commission Chairman Tan Sri Azam Baki, as quoted by the "Sun Daily," 16 individuals including banking and financial consulting firms will be summoned for questioning to assist in the investigation.
“As of today, a total of 4,000 documents have been seized and investigated.”
“The arrested banking staff held various positions and had between 5 to 20 years of work experience.”
He stated that the Anti-Corruption Commission is compiling a list of loan applicants and will summon them for questioning soon.
Azam Baki told "Free Malaysia Today" yesterday that they had focused their investigations on the head of the illegal syndicate. Current investigations indicate the syndicate applied for loans through various banks and took a 1% cut as payment once they were approved.
In response to this case, the Anti-Corruption Commission has frozen 70 company and personal bank accounts worth over RM16.2 million.
Furthermore, they have seized 9 vehicles of various brands, over RM300,000 in cash, 17 branded watches valued at approximately RM11.1 million, and branded handbags valued at over RM430,000.
Azam Baki mentioned that the arrested 10 men and 2 women are aged between 20 to 40 years old, and they have been detained for five days starting from yesterday morning.