Kuching Bank Relationship Manager Jailed Seven Years, Fined RM40m
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A former Kuching bank relationship manager has been sentenced to seven years in prison and fined RM40 million after admitting 24 cheating and money-laundering charges.
The Sessions Court heard that eight customers aged 60 to 75 lost more than RM1.58 million in a bond investment scheme that did not exist. He had offered higher returns while handling investments and remittances for the bank’s customers.
Instead of placing the money in investments, he used customers’ signatures and biometric approvals to move funds into third-party accounts through DuitNow, interbank transfers and cashier’s orders without their knowledge or consent.
He pleaded guilty to 16 cheating charges under Section 420 of the Penal Code and eight charges under Section 4(1)(b) of the anti-money-laundering law. The court ordered the prison terms to run concurrently; reports said he did not pay the RM40 million fine.
A bank title is not proof that an investment is authorised. Customers should verify the product and recipient account through the bank’s official contact channels before approving any transfer or biometric confirmation.
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