KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has uncovered a loan syndicate involving some 4,000 civil servants, allegedly orchestrated by bank officials in collaboration with financial consultancy firms.
The syndicate reportedly targeted civil servants by masquerading as a legitimate financial agency linked to ministries and government departments, using social media as a primary platform to lure victims with promises of financial solutions.
"The syndicate leveraged social media to attract victims, offering financial consultation services. They even conducted tours of government departments and ministries to engage civil servants," a source revealed.
Yesterday, it was reported that in a special operation codenamed "Op Sky," the MACC, in collaboration with Bank Negara Malaysia, arrested 12 individuals, including bank officers and directors of financial consultancy firms, suspected of corruption and money laundering. https://www.nst.com.my/news/crime-courts/2025/01/1160871/financial-consu...
The operation, carried out across 24 locations in the Klang Valley, led to the seizure of assets worth over RM16.2 million and the freezing of 70 accounts.
Among those detained were two directors of financial consultancy firms, a foundation director, a bank manager, and a former banking institution sales manager.
These individuals allegedly facilitated fraudulent personal loan applications for clients with poor credit histories by falsifying documents and bribing bank officers.
MACC Chief Commissioner Tan Sri Azam Baki said preliminary investigations revealed that some bank officers had accepted bribes from officials at financial consultancy firms in exchange for processing and approving personal loans for clients with poor credit histories.
"The bank officers involved identified public servants with overdue debts and referred them to financial consultancy firms offering 'multiple loan' schemes," he said.
The consultancy firms would prepare falsified documents to secure loan approvals. Once approved, they disbursed funds to borrowers to settle their debts. Borrowers then repaid the firms, with the remaining loan amounts invested in questionable schemes.