KUALA LUMPUR: The RM16.2 million the Malaysian Anti-Corruption Commission seized on Tuesday in an investigation into corruptly approved bank loans may be just the tip of a RM700 million iceberg.
The joint Op Sky by the MACC's Anti-Money Laundering Division, Bank Negara Malaysia and several financial institutions, was to investigate allegations of corruption and money laundering involving financial consultancy firms and bank officers.
MACC chief commissioner Tan Sri Azam Baki told the New Straits Times that his investigators had their work cut out for them.
"Its fair to say that the funds seized so far may just be the tip of the iceberg.
"But it's quite tough(the process of tracing and freezing funds). Anyway, my investigators are working on it," he said.
Azam said at least 16 more people, including bank officers and finance consultants, might be hauled up.
"So far, investigators have seized more than 4,000 documents to facilitate investigations.
"Based on our probe, RM700 million in loans approved to public servants involved corruption and money laundering syndicates.
"At least 16 individuals are now on our radar involving bank financial consultancy firm staff," he said adding that their investigations revealed that some of the bank officers arrested so far had been working for between five and 20 years.
He said a bank officer who corruptly approved these loans would get a kick back of between 0.5 and one per cent of the loan value.
"Our findings so far also indicate that some of these bank officers could receive up to RM5,000 for each loan they approved," he said.
It was reported on Tuesday that MACC raided 24 locations, including residences and offices around the Klang Valley, and arrested 12 individuals for alleged corruption and money laundering.
They also froze 70 bank accounts containing RM16.2 million.
Among those arrested were two directors of financial consultancy firms, a foundation director, a bank manager and a former sales manager of a bank.