KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) pledged that more arrests involving bank staff will be made within a week under Op Sky.
The operation, a joint effort by the MACC's Anti-Money Laundering Division, Bank Negara Malaysia and several financial institutions, follows allegations of corruption and money laundering involving financial consultancy firm directors and bank officers.
MACC chief commissioner Tan Sri Azam Baki told the New Straits Times that the mastermind of this syndicate was among the 12 arrested during the operation.
"This individual is linked to one of the companies being investigated. Further investigations will be focused on this individual," he said, adding that investigations revealed that some bank staff were suspected to be in league with the syndicate.
He said they were waiting for the right time to round up these individuals as well.
"It will be done within a week.
"Based on our investigations so far, we believe the syndicate would apply for loans through various banks and would receive payment amounting to one per cent of the loan value once it was approved." he said.
Azam said this payment would then be distributed among those involved.
"We have obtained a five-day remand order for the suspects arrested to facilitate further investigations," he said.
It was reported on Tuesday that the MACC arrested 12 individuals, including directors of financial consultancy firms and several bank officers, allegedly involved in corruption and money laundering.
Op Sky was conducted in collaboration with Bank Negara Malaysia at 24 locations, including residences and offices around the Klang Valley.
Among those arrested were two directors of financial consultancy firms, a foundation director, a bank manager and a former sales manager from a bank.
They are believed to be involved in corruption and money laundering linked to personal loan applications from various banks.
Investigations revealed that some bank officers had accepted bribes from financial consultancy firm officials in exchange for processing and approving personal loans for clients with outstanding old debts.
The bank officers involved identified public servants with overdue debts and then introduced them to financial consultancy firms offering "multiple loan" schemes.