PETALING JAYA, Jan 11 ― Federal police have crippled a syndicate involved in fraudulent loan applications which have resulted in banks losing a total of RM10,358,430.
Federal Commercial Crime Investigation Department chief Commissioner Datuk Amar Singh said police received 12 reports involving the syndicate between 2015 and 2016.
“The syndicate would use falsified documents to apply for loans at banks on the pretense of buying real estates,” he said in a statement.
Amar said the entire scam also included individuals posing as fake buyers and sellers of these premises.
The seven banks who fell victim were Hong Leong Bank, Public Bank, Malaysian Building Society Berhad, Affinity Bank, Bank Islam, Maybank and Bank Muamalat.
He said police arrested 13 suspects in an operation dubbed Ops Mortgage following the reports lodged and have submitted the investigation papers to the Attorney-General’s Chambers.
All of the suspects will be charged with four counts of cheating, two counts of dishonest misappropriation of property and eight counts of fraudulent removal of assets.
Three of the suspects would also be brought to the Jalan Duta Court to be charged tomorrow.
Amar said banking institutions must review their financial loan system while ensuring documents and assets mortgaged were registered under existing individuals.
