KUALA LUMPUR (Oct 23): The Ministry of Finance (MOF) said Bank Simpanan Nasional, a statutory body under its purview, has paid RM13.52 million in claims to victims of a fake investment scheme run by a former employee at its Kuching branch.

According to a written parliamentary reply on Thursday, the MOF said the amount represents 88.6% of the RM15.27 million in reported claims. Remaining cases are still under verification and review to ensure payments go to the rightful victims.

The ministry was responding to former deputy minister of Domestic Trade and Consumer Affairs Chong Chieng Jen (PH-Stampin), who questioned why the government allowed BSN to withhold refunds over what he called unsubstantiated concerns about suspicious fund sources.

The MOF said most claims have been settled, while the remaining cases are being reviewed to verify fund sources, payment amounts and rightful recipients, and prevent duplicate or unsupported payments.

The scam came to light after victims discovered their savings had been transferred to accounts that were not legitimate between 2024 and 2025. More than 70 victims reported losses exceeding RM11 million due to a former BSN employee’s misconduct.

BSN said it remains committed to resolving all outstanding claims.

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