Kuala Lumpur: The Malaysian Anti-Corruption Commission (MACC) has seized 4,000 documents as part of its investigation into a syndicate involving RM700 million in loans approved for civil servants, said Tan Sri Azam Baki.
The syndicate, which allegedly involved financial consultancy firms and bank officers, was uncovered following raids on 24 locations and the arrest of 12 individuals in the Klang Valley on Monday.
According to Sinar Harian, the MACC chief commissioner said 16 individuals, including bank officers and consultancy firms, are expected to be called in for questioning and may face detention.
“The bank officers detained hold various positions and have been employed for periods ranging from five to 20 years,” Azam was quoted as saying.
Preliminary investigations revealed that bank officers received up to 1 per cent of the loan value, with some earning up to RM5,000 per application.
The MACC has also frozen 70 accounts tied to individuals and companies, worth over RM16.2 million, and seized nine luxury vehicles, including a Ferrari and a Mercedes-Benz.
In collaboration with Bank Negara Malaysia (BNM), the operation also led to the confiscation of over RM300,000 in cash, HK$95,000, and luxury watches valued at more than RM11.1 million.
Since 2020, the consultancy firms allegedly profited from service fees, debt settlement charges, and investment schemes tied to falsified documents submitted to multiple financial institutions.
The MACC investigation found that the illicit proceeds were used to acquire assets, properties, and luxury items for personal gain.
