PUTRAJAYA — The Malaysian Anti-Corruption Commission (MACC) warned today that loan applicants who resort to bribing financial consultants and brokers could face criminal charges.
Speaking on the progress of Ops Sky, a joint operation with Bank Negara Malaysia, MACC chief Tan Sri Azam Baki said: “If applicants are proven to have paid bribes or offered gratification to secure loan approvals, they are breaking the law.
“While we need to conclude our investigations, some of these individuals may serve as witnesses. The key focus is identifying the masterminds behind this scheme.”
Azam disclosed that 21 individuals have been arrested to date, with more detentions expected. Authorities have also frozen RM22.075 million across 98 bank accounts.
He explained that the operation is not about financial losses but centres on corrupt practices in securing loans.
“The RM700 million in loans has already been disbursed to the applicants. Our focus is on the 0.5 to 1 per cent bribes paid to firms and brokers to facilitate loan approvals.
“The loan approval process points to clear corruption. Some people struggle to get their loans approved, yet others can simply pay bribes to firms and brokers—this is unfair.
“The issue extends to bank employees. When bankers themselves engage in corrupt practices, it erodes public trust in our banking institutions,” Azam said, adding that five or six prominent banks are implicated in the scandal.
The scheme involved collusion between bank officers and external financial consultants, who falsified documents to obtain personal loans.
The syndicate profited from service fees and debt settlement charges. In some instances, financial consultants provided “advance money” to borrowers for debt repayment, requiring reimbursement after loan approval. Borrowers were also encouraged to place remaining funds into investment schemes.
The case is being investigated under Section 16(b)(A) of the MACC Act 2009. – January 21, 2025