KUALA LUMPUR — BankPertanian Malaysia Bhd (Agrobank) is under scrutiny over RM203.8 million in losses due to online fraud, with Agriculture and Food Security Minister Datuk Seri Mohamad Sabu urging patience as police and the central bank investigate the matter.
Mohamad, refusing to comment, said the case falls under the jurisdiction of the Royal Malaysia Police and Bank Negara Malaysia (BNM).
“We leave it 100 per cent to them to investigate. I cannot provide further comments,” he told reporters at the MADANI Agro Excellence Awards, Bernama reports.
Agrobank is overseen by Mohamad’s ministry, but is fully-owned by the Minister of Finance Inc, with the Federal Commissioner of Lands holding one share.
The losses were reported in November last year, according to Home Minister Datuk Seri Saifuddin Nasution Ismail who confirmed it in a parliamentary written reply earlier this week.
Saifuddin said three out of 47 individuals arrested over the case have been charged for offences related to using mule accounts.
The offences are under Section 424C(1) of the Penal Code which carries penalties of imprisonment for three to 10 years, a fine of RM10,000 to RM150,000, or both, for those convicted of using a bank account or payment instrument for illegal purposes.
“Investigations into the remaining 44 suspects are ongoing, and the police are finalising their investigation papers with assistance from CyberSecurity Malaysia and Bank Negara Malaysia,” Saifuddin said in his written reply.
While no further details of the fraud were disclosed, he added that no Agrobank customer accounts were involved.
Last November, Agrobank in a statement said it was carrying out a review of after an “internal systems incident” without providing details.
Prior to that, in September, Agrobank had to pay a RM600,000 penalty to Bank Negara after being flagged for weaknesses in its administrative policies and procedures. – February 6, 2026