Xin Synergy lodged second police report against Total IPCO's former directors
KUALA LUMPUR: Xin Synergy Group Bhd has lodged a second police report against its unit’s former directors on alleged irregularities in its moneylending operations.
KUALA LUMPUR: Xin Synergy Group Bhd has lodged a second police report against former directors of its moneylending subsidiary, Total IPCO Sdn Bhd, over alleged irregularities in its operations. The second report was filed by Total IPCO after an independent review conducted between May 1, 2021 and Oct 10, 2023 uncovered serious breaches of standard operating procedures and applicable laws.
The review suggested that loans disbursed to certain purported borrowers had major irregularities, raising serious regulatory and legal concerns. Xin Synergy appointed NEK & Associates on Aug 25, 2025 to conduct the review, which coincided with the filing of the first police report last week following its discovery of the irregularities.
As of the latest update, the company's shares dropped 2.78% to 18 sen, with a market capitalization of RM99.63 million.
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