Bank manager jailed 7 years, fined RM40mil for fraud, money laundering
Kho Yung Kang pleads guilty to defrauding eight senior citizens of RM1.58 million through a non-existent bond investment scheme and committing money laundering at the bank where he worked.
Kuching sessions court judge Iris Awen Jon sentenced Kho Yung Kang, a 39-year-old relationship manager at an international bank, to seven years in prison, RM40 million fine, and 24 strokes of the cane. Kho pleaded guilty to 16 fraud charges and 8 money laundering charges under specific laws. The fraud involved defrauding eight senior citizens of RM1.58 million through a fictitious bond investment scheme.
Kho's modus operandi was to obtain customers' signatures and biometric verification for investment schemes, but then transfer the funds to third-party accounts without their knowledge or consent. He also committed money laundering at the bank between September 2022 and February 2024. Kho was ordered to serve his sentences concurrently, with the fine unpaid.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
