Agrobank has become the latest Malaysian bank to suffer a major online fraud case, with losses amounting to RM203.8 million.
The case was disclosed by Home Minister Saifuddin Nasution Ismail in a parliamentary reply. He said the fraud was detected in November last year and led to the arrest of 47 individuals.
Three suspects have been charged under Section 424C(1) of the Penal Code for offences involving mule accounts, while investigations into the remaining suspects are ongoing.
Saifuddin said police are finalising investigation papers with assistance from CyberSecurity Malaysia and Bank Negara Malaysia. He added that no Agrobank customer accounts were affected.
Agrobank is wholly owned by the Minister of Finance, with one share held by the Federal Commissioner of Lands, and operates under the supervision of the Ministry of Agriculture and Food Security.
In November last year, Agrobank said it was reviewing an internal systems incident. Subsequent information indicated the case may have involved a coordinated attempt to siphon funds using hundreds of accounts.
