KUALA LUMPUR, Sept. 22 -- The Malaysian Anti-Corruption Commission (MACC) has exposed a fuel theft syndicate that siphoned off an estimated RM247 million in diesel subsidies in a major joint operation with the Multi-Agency Task Force (MATF).

MACC chief commissioner Tan Sri Azam Baki said the figure could rise as investigations deepen.

"We saw that the first estimate of losses was RM247 million, but we believe it will be more. This is money meant for subsidies - money for the people - that has been misused," he said during a press conference at MACC headquarters today.

Azam said the operation was built on real-time financial analysis that tracked suspicious transactions.

"We followed the money trail, which also came from public tip-off...