On Tuesday, it was reported that MACC had arrested 12 people under Op Sky after suspecting that officials from several banks had received kickbacks from financial consulting firm personnel in return for helping process and approve personal loans for certain clients.

Those arrested during the raids at 24 locations in the Klang Valley included the directors of financial consultancy firms and several bank officers.

MACC chief commissioner Azam Baki told FMT today that MACC was looking to detain the others involved, including bank officers, “within the week”.

Azam said the agency’s investigation was focused on the syndicate’s mastermind, who was among the 12 arrested during the operation.

“Based on our investigation so far, we believe the syndicate would apply for loans through various banks and receive payment amounting to 1% of the loan value once it was approved.

“The payment would then be distributed among those involved,” he said, adding that bank officers were believed to be involved in the syndicate.

MACC has frozen 70 company and individual accounts involving over RM16.2 million as part of its investigation into the syndicate.

The anti-graft agency has also seized nine vehicles of various brands, over RM300,000 in cash, 17 luxury watches estimated to be worth RM11.1 million, and five branded handbags valued at over RM430,000.

Azam said the suspects, comprising 10 men and two women in their 20s and 40s, were remanded for five days after approval from magistrate Irza Zulaikha Rohanuddin this morning.

He said the syndicate was uncovered by MACC’s anti-money laundering division in collaboration with Bank Negara Malaysia and local financial institutions.