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MARA'S MONEY LAUNDERING - Coggle Diagram
MARA'S MONEY LAUNDERING
What
Money Laundering
MARA also buy another building, Swanston UniLodge at an inflated value that amounted to AUD$43 million compare to the actual value of AUD$23.5 million. The parties involved had allegedly set up two shell companies to transfer the extra money amounted to AUD$19.5 million.
MARA paid a building, Dudley International House at a hugely inflated price that amounted to AUD$22.5 million. It is being overvalued by AUD$4.7 million where the real price is only AUD$17.8 million. The extra cash is said to be siphoned to a cake shop located in Singapore managed by Hanna Kamruddin.
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Where
The cake shop in Singapore which managed by Hanna Kamruddin. It is the place where the extra money from the acquisition of Dudley International House is siphoned.
Two shell companies that are set up to received the extra cash from Swanston UniLodge and take part in UniLodge transaction.
Dudley International House and Swanston UniLodge in Melbourne, Australia where the buildings are purchased at a higher price compared to the actual price which caused suspicion to a certain party. The purchase of the buildings are used to cover the fraud scheme.
How
Top officials MARA invest dirty money in the building they bought and issue invoices for non-existence services. For instance, professional advice and consultancy and advisory fees to the Australian developers. The developers will pay them with the allegedly dirty money. Thus, the Dudley International House was basically a money-laundering hub for them.
Dennis Teen made a deal with the MARA officials to mark up the building price in the first place. If Dennis did not do so, they will not buy or have deals with him about the Dudley building.
Erwan Azizi approached some Malaysian officials at MARA which caused the price of the building to fluctuate. The Dudley International House's price went from AUD$17.8 million to AUD$22.5 million. This shows that there is a huge increase in the value of the building by AUD$4.7 million.
When
2013
The acquisition of the building at an inflated price allow MARA to launder the extra money to other parties involved. It also enables them to create non-existence services such as professional advice to cover their fraud scheme.
The price of the building become inflated when Erwan Azizi approached some Malaysian officials at MARA.
Dennis Teen is accused of bribing Erwan Azizi. This is to secure MARA's purchase of the multimillion-dollar apartment complex in Melbourne, Australia.
The owner of the building accepted the inflated price offered by MARA officials for the purchase of the building. For instance, the owner of Swanston UniLodge, Lionel Harber felt that it is a joke that MARA wants to buy the building at a very high price but he still sells it.
Who
Hanna Kamruddin helps three Malaysian men to open up an offshore company and a bank account in exchange for AUD$1,000.
John Bond did not receive a single cent when completing his job. He is contracted by MARA to outfit the building with windows and doors using his own money first. This leads his company to collapse.
Former MARA chairperson Mohd Lan Allani, Former MARA CEO Abdul Halim Rahim, and MARA head of property investment Zainal Zol Kulop Alang which are identified by Ernst and Young to play central roles in the transaction of money laundering.
Dennis Teen bribed Erwan Azizi and falsifying accounts to secure the acquisition of an apartment complex in Melbourne, Australia.