KUALA LUMPUR, Feb 13 — Seven officers from a leading bank were dismissed last month after an internal investigation found they were involved in a loan syndicate orchestrated by a financial consulting firm, which was recently dismantled by the Malaysian Anti-Corruption Commission (MACC) under Ops Sky.
The bank’s six-month investigation revealed that the officers had accepted bribes from agents of the firm to approve loans exceeding the eligibility limits for civil servants, most of whom were teachers, according to a report published in Berita Harian today.
The seven officers were among 18 bank employees arrested by MACC’s Anti-Money Laundering Division under Op Sky, a joint operation with Bank Negara Malaysia (BNM).
A source said more bank staff is still under internal investigation to determine their level of involvement in approving loans beyond borrowers’ financial capacity.
The source added that the bank first detected irregularities in July 2024 when suspicious patterns emerged in personal financing (PF) loans approved by sales department staff.
Further checks suggested third-party agent involvement, as affected customers had submitted multiple PF applications to different financial institutions simultaneously.
Following this, the bank’s management ordered a comprehensive review, expanded data checks, and identified the staff involved.
“A month after discovering the issue, the bank reported it to BNM and the Royal Malaysia Police (PDRM), filing five police reports.
“During the internal probe, concerns arose over possible bribery, prompting the bank to report the matter to MACC, which then launched Ops Sky.
“Regular updates on the findings were also shared with the bank’s board of directors,” the source told Berita Harian.
Ops Sky targeted corruption and money laundering involving the financial consulting firm and bank officers from multiple financial institutions.
The MACC-led operation, supported by BNM, resulted in the arrests of 27 individuals, including 18 bank officers, eight employees of the consulting firm, and one civilian.
Investigators also questioned three celebrities linked to the firm — singer Ziana Zain, actor Datuk Jalaluddin Hassan, and National Astronaut Datuk Dr Sheikh Muszaphar Shukor Al Masrie Sheikh Mustapha — but confirmed they were only paid for promotional services and were not involved in the company’s operations.
MACC seized around 4,000 documents and froze 98 bank accounts worth over RM17 million as part of the probe.
The source said the bank conducted a broad investigation into employees suspected of direct or indirect involvement in the scheme, including questioning and recording statements from them.
The seven officers confirmed to have been part of the loan fraud syndicate were dismissed by the Group Human Resources (GHR) department after being issued show-cause letters and suspended during the investigation.
“Throughout the inquiry, the bank focused on gathering critical evidence, investigating sales and branch staff, and interviewing customers, ultimately uncovering the syndicate’s modus operandi and scale.
“The bank identified suspicious multiple PF transactions and compiled comprehensive data while collaborating with internal divisions for a thorough probe,” the source said.
Following the scandal, the bank introduced process improvements across all levels in November 2024.
