Malaysian authorities have crippled a syndicate involved in corruption and money laundering activities, involving a financial consulting firm and officers from several financial institutions. The Malaysian Anti-Corruption Commission (MACC) conducted mass raids on January 13, arresting 12 individuals and freezing RM16.2 million in company and individual accounts. Initial investigations revealed that bank officers allegedly received bribes to process and approve personal loans for individuals with bad debts.
PUTRAJAYA: A syndicate believed to be engaging in corruption and money laundering involving a financial consulting firm and officers from several financial institutions have been crippled.
MACC chief commissioner Tan Sri Azam Baki said the suspects were arrested in a special operation codenamed “Ops Sky” carried out by the commission’s money laundering prevention division, Bank Negara and several local financial institutions. He said the company was believed to have helped in preparing documents containing false information that were sent to several financial institutions to obtain loans.
CORRUPTION MONEY LAUNDERING FINANCIAL INSTITUTIONS MALAYSIAN ANTI-CORRUPTION COMMISSION BANKING
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