Co-operative Commission to investigate scam allegations

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

PETALING JAYA: The Malaysia Co-operative Societies Commission will investigate allegations that certain co-operatives are involved in a syndicated loan scam, falsifying payslips for civil servants and employees of government-linked companies.

The commission said in a statement that stern action would be taken on the individuals and co-operatives involved if the allegations were found to be true.