Bank officers among 8 nabbed over fraud involving RM4.7m

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Police have crippled a syndicate using fake documents to apply for personal financing, resulting in losses totalling RM4.7 million.

Eight men, including six staff of financial institutions, were arrested in several operations conducted in various locations around the Klang Valley on Saturday.

Kuala Lumpur police chief Azmi Abu Kassim said they seized eight mobile phones and salary slips of borrowers suspected to be involved in the case.

He said initial investigations found that the syndicate targeted individuals who were not eligible to apply for loans, either due to being blacklisted or having no fixed source of income.

“The syndicate would prepare supporting documents such as job appointment letters and false financial statements to make the borrowers ‘qualify’ for the financing.

“The staff of the financial institution linked to the syndicate would then approve the funding without due inspection or verification of the documents involved,” he said during a press conference at the Kuala Lumpur contingent police headquarters yesterday.

Azmi said the average amount for each loan was RM150,000 and the borrower would only receive about 30% of the total amount.

He said initial checks found the syndicate had been active since 2019. Police are currently tracking down another 34 people to assist in investigations.

“The 34 detected comprise 12 women and 22 men, aged 24 to 45. Some of them are not working or doing business and have addresses in and around Kuala Lumpur.

“Police have managed to arrest the mastermind of this syndicate and we believe there are still others involved. We hope these 34 will come forward to help in the investigation.”