Loan Fraud Syndicate Involving Bank Officers, Celebrities!

The Malaysian Anti-Corruption Commission (MACC) has uncovered a massive loan fraud and money laundering syndicate through Op Sky, which involved bank officers, a financial consulting firm, and even local celebrities. The scheme targeted blacklisted civil servants who could not get bank loans. Corrupt bank officers referred them to a financial consulting firm, which forged documents to secure multiple loans from different banks. The firm took a 35% cut of the loan amount and invested the rest in its own scheme.

The firm used public figures as ambassadors to promote its services on social media, at roadshows, and even through charity events targeting teachers and government workers. Celebrities allegedly received payments between RM150,000 and RM400,000 for endorsing the firm. MACC also found concert sponsorships and songs commissioned for the syndicate.

Source:https://en.wikipedia.org

MACC’s action so far is as follows:

· 98 bank accounts frozen (over RM22 mil)

· 9 luxury cars, RM300,000 cash, 17 luxury watches, and 5 designer handbags seized

· 27 arrests, including 18 bank officers and 8 consultancy firm employees

Celebrities Implicated in Op Sky include:
1. Datuk Jalaluddin Hassan (Actor)
2. Datuk Dr Sheikh Muszaphar Shukor (Astronaut)
3. Ziana Zain (Singer)

These celebrities have provided statements but are not officially suspects. MACC has now reached the final stage of its investigation.

The scheme is part of a broader loan scheme with commission in single or early double digits. Unscrupulous individuals, firms participate in such shenanigans. How do we reduce these activities? Employing people with integrity is helpful but not a fail-safe solution. Another is to use service “auditors” who may act as “bogus” applicants to flush-out the individuals involved. This must be carefully worked-out with the authorities.

Corruption and greed are not just in banking or finance. It has become pervasive in the eco system. We need a set of courts to adjudicate and dispose quickly cases of corruption in this country. But will we do it?

Reference:

MACC busts massive loan fraud syndicate involving bank officers, celebrities, Focus Malaysia, 9 January 2025