Five businessmen have been remanded for seven days to facilitate investigations into a Majlis Amanah Rakyat (Mara) loan fraud involving RM2.5 million.

The men, aged between 38 and 48, were detained in the Klang Valley at around 9pm yesterday by the Malaysian Anti-Corruption Commission (MACC).

According to an MACC spokesperson in Putrajaya today, the modus operandi of the syndicate was believed to have been masterminded by a Mara officer who allegedly falsified applications to obtain and misuse business loans for other purposes.

He said the loans ranging from RM200,000 to RM350,000 applied by the syndicate involved nine companies believed to have been active since 2013.

MACC also seized a Ford Ranger vehicle and a high-powered motorcycle, he said.

In a separate case, MACC released three event management company contractors after the expiry of their 14-day remand to assist investigations into a case involving misappropriation of government funds.

The three men, aged between 41 and 59, were released on RM10,000 bail on one surety each.

The MACC remanded 10 individuals in connection with the case and has released eight, leaving two others, including a senior Youth and Sports Ministry officer.

The senior officer, aged 56, is believed to have masterminded the syndicate, which caused the government to lose about RM107 million.

- Bernama