This comes after it conducted raids in 24 locations in the Klang Valley and arrested 12 people on Monday, following suspicions that officers from several banks had received kickbacks from financial consulting firm personnel in return for helping process and approve personal loans for certain clients.

MACC chief Azam Baki said 16 people, including officers from banks and financial consulting firms, will be summoned to assist in the investigation, Sinar Harian reported.

“As of today, 4,000 documents have been seized and are being studied.

“The bank officers arrested held various positions and have been working from five to 20 years,” he said.

He said MACC is drawing up a list of the borrowers and will summon them soon to record their statements.

Yesterday, Azam told FMT the agency’s investigation was focused on the syndicate’s mastermind, who was among the 12 arrested.

“Based on our investigation so far, we believe the syndicate would apply for loans through various banks and receive payments amounting to 1% of the loans’ value once they were approved,” he said.

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

It has also seized nine vehicles of various brands, more than 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 those arrested, comprising 10 men and two women in their 20s and 40s, were remanded for five days yesterday morning.

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