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A FINANCIAL consultancy firm suspected of orchestrating a personal loan fraud syndicate manipulated the turnaround time during the loan approval process by banks.
According to Bernama reports, Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki explained that banks typically take three to five days to approve personal loans.
“During this period, the syndicate fabricates fraudulent cancellation letters, purportedly issued by the initial lending bank, and submits them to other financial institutions processing concurrent applications. This tactic ensures simultaneous approval of multiple loan applications from various banks.
"The syndicate also coaches borrowers to cooperate, ensuring the loan application process proceeds smoothly," he said when contacted.
Azam elaborated that salary slips were not falsified, as the syndicate first settled the borrowers’ existing debts to enable them to apply for the maximum loan amount across multiple banks simultaneously.
“So far, we have seized approximately 4,000 documents and frozen 98 bank accounts with funds totaling RM17,403,644,” Azam said.
He added that the company used public figures, including artists and celebrities, as official ambassadors to promote their services.
“They advertised their offerings on Facebook, TikTok, and Instagram as well as conducted surveys and roadshows at schools, hospitals, and clinics targeting schoolteachers and other public sector employees.
“The company also actively promoted their services through organisations such as foundations, by organising CSR (corporate social responsibility) and welfare programmes for government agencies and civil servants,” he said.
The MACC recently busted a corruption and money laundering syndicate involving a financial consultancy firm and officers from numerous banks. - January 28, 2025
