- April 11, 2023
- Posted by: Editor
- Category: News
At least 20 employees of the five major banks, including auditors and frontline officers, reportedly facilitated international scammers in opening accounts, which were used to illegally transfer up to RM200 million within months overseas.
Officials from five major local banks are said to be in cahoots with international scammers. Within months, they illegally transferred up to RM200 million overseas through investment scam syndicates.
According to Sinar Harian, the Malaysian Anti-Corruption Commission (MACC) is investigating the bank officials for helping two citizens from the UK suspected of masterminding an international fraud network.
Citing anonymous sources, Sinar Harian reported that the five banks played a role by opening “transit” accounts to be used by syndicates for the process of transferring large sums of money abroad.
“Each of these officers is believed to have received approximately RM1,000 for each bank account that is successfully opened without following the procedure. These accounts are used for transit as the syndicate will transfer the money into a ‘real’ account. The transit account will be wiped out within three months,” Sinar Harian quoted one of the sources as saying in its exclusive report today, 16 March.
“In addition to these five banks, seven ‘dummy’ companies used by the syndicate are also on MACC’s radar. All these banks and companies are in the vicinity of Kuala Lumpur and Penang,” it reported.
At least 20 employees of the five major banks, including auditors and frontline officers, reportedly facilitated the international scammers.
New Straits Times reported that the bank officers were also reported to have kept a blind eye on suspicious transaction reports that were flagged on the bank accounts.
According to the New Straits Times report, there were about 20 to 30 bank accounts set up and the international scammers would close and reopen new accounts every three months.
Most of the victims identified so far are from Australia and the UK.
The banks in question are under investigation by MACC for corporate liability.
Apart from Malaysia, the scammers were also active in Indonesia, the Philippines, Singapore, Thailand, Hong Kong, and the UK.
“The initial investigation believes the syndicate was able to make transactions of around RM1 million per day and RM200 million within three months,” Sinar Harian reported the MACC source as saying.
According to New Straits Times, MACC said the syndicates had bribed various enforcement authorities in the country to enable their operations to continue unhindered since 2019.
Last month, MACC raided 24 premises in Klang Valley and Penang without involving the police and nabbed 10 syndicate members that included nationals from Australia, the UK, South Africa, and the Philippines.