The Bank Bumiputra scandal was one of Malaysia’s biggest financial scandals before 1MDB. The bank lost $1billion in public funds to an elaborate scheme of corruption, false accounting and sham profits. The main mastermind behind this web of deceit was a civil engineer by the name of George Tan, who had fled Singapore after his first bankruptcy in 1972, and ended up in Hong Kong. He founded the Carrain Group which eventually collapsed with some 1.2 Billion USD of debt.
In this episode of ‘The Big Steal’ we see how Bank Bumiputra lost millions in a financial scandal.
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