PETALING JAYA - Thirteen people were arrested when police busted a syndicate that cheated banks of over RM10 million (S$3.3 million).
The syndicate scammed seven financial institutions between 2015 and 2016 by pretending to apply for a property loan.
Bukit Aman Commercial Crimes Investigation Department director Comm Datuk Amar Singh said 12 police reports had been lodged against the syndicate.
"The group would use falsified documents and had members posing as sellers and potential buyers of the property to get the loan approved before getting away with the money," he said in a statement on Thursday.
Following the reports, police arrested 13 people under Op Mortgage.
"The Attorney-General has agreed to charge them under Section 420 of the Penal Code for cheating, among several other similar charges," he said.
Comm Amar also advised banks to re-evaluate and tighten their procedures to make sure falsified documents are not easily accepted.