Bukit Aman commercial crime investigation department (CCID) director Ramli Yoosuf suggested for the sole proprietor mechanism to be done away with.

A client account is a designated account where lawyers hold monies belonging to the clients on trust.

Client accounts are most often used by conveyancing lawyers to hold monies pending sales and purchase transactions for properties.

The sole proprietor mechanism sees lawyers having exclusive control over their clients’ accounts.

However, Ramli said the mechanism needs to be improved upon, and suggested for the client to be included in the process to provide “check and balance”.

“If two signatories are required (for a transaction), it can prevent the possibility of fund misappropriation.

“This is because people tend to look after their own interests,” he said at a press conference.

Ramli said that as of Jan 24 alone, eight cases of CBT were detected, accounting for losses of about RM7.4 million, compared to the 88 cases detected between 2021 and 2023, which resulted in losses exceeding RM88 million.

“The average recorded loss is concerning, about RM998,333 per case,” he said.

He cited a case where funds from property sales were not handed over to the client.

The victim, a 60-year-old businessman, later discovered that the funds gained from the asset sale had been used by the firm owner for other purposes.