Agrobank has emerged as the latest Malaysian bank hit by online fraud with losses topping RM200 million.

The case was disclosed in a parliamentary reply by Home Minister Saifuddin Nasution Ismail, The Edge reported.

Saifuddin said the fraud, detected in November last year, resulted in losses of RM203.8 million.

Police arrested 47 individuals in connection with the case, with three charged under Section 424C(1) of the Penal Code for offences involving mule accounts.

Investigations into the remaining suspects are ongoing.

He said the police are finalising investigation papers with assistance from CyberSecurity Malaysia and Bank Negara Malaysia, adding that no Agrobank customer accounts were involved.

Agrobank is wholly owned by 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.

A subsequent report by The Edge, citing sources, said the issue may have involved a coordinated attempt to siphon funds using hundreds of accounts.

Featured image: Edited by Fintech News Malaysia, based on image by Saifuddin Nasution Ismail’s Facebook page