RM24mil bank fraud: Inside men picked high-value accounts to hit, says CCID director

KUALA LUMPUR: The suspects linked to the embezzlement of millions from a Sabah bank targeted high-value account holders as victims as syndicate members on the inside identified them, says the Commercial Crime Investigation Department (CCID).

The money was taken out in stages according to bank procedure, Bukit Aman CCID director Comm Datuk Seri Ramli Mohamed Yoosuf told a press conference at department headquarters here on Friday (June 21).

“The monies were taken out via bank counter (transactions) and the first was conducted around April.

"Several more were done in May and June.

ALSO READ: Mastermind behind RM24mil bank fraud case nabbed (https://www.thestar.com.my/news/nation/2024/06/16/mastermind-behind-rm24mil-bank-fraud-case-nabbed)

“The case only came to light after a targeted account holder went to the bank to update their details,” he said.

Comm Ramli said it was possible that syndicate members working in the bank directly facilitated the transfer of money and also identified high-value accounts to strike.

Among those arrested was a bank manager.

Investigations showed that the mastermind of the group had expertise in forgery and syndicate members would use forged identification documents to withdraw money from the targeted accounts.

“The details will be the same but the photo and thumbprints changed,” he said, adding that the forged documents were then used to facilitate the money transfers.

He also said another case has been identified, with losses of RM551,000.

“This was done at another bank earlier in the year and we are also investigating that case,” he said.

Comm Ramli said more syndicate members could still be at large, and the investigation was ongoing.

ALSO READ: Cops arrest 13 over RM24mil in suspicious bank transactions

Police earlier received four reports on suspicious bank transactions in Kota Kinabalu.

A 38-year-old bank employee was arrested on June 13 in connection with suspected fraudulent withdrawals totalling RM24.2mil from several fixed deposit accounts.

Fourteen people aged between 22 and 53 were subsequently taken in, with one granted bail on June 17.

The arrests were mostly in Kota Kinabalu, with one suspect caught in Padang Besar, Perlis.

The case is being investigated under Section 420 of the Penal Code for cheating.

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