Five men held for cheating firms of RM5m

  • Nation
  • Saturday, 04 Oct 2003


KUALA LUMPUR: Bukit Aman commercial crime officers have busted a syndicate that is believed to have cheated several financial institutions of over RM5mil using forged land titles. 

It is learnt that five men, aged between 54 and 51, were arrested in Cheras and in the city over the past three days following a police report lodged by a credit leasing company. 

At least three financial institutions in Selangor have been cheated this way and the syndicate is believed to be involved in similar cases in other states. 

Sources said that in the latest case the company suspected something amiss while processing a loan application for RM1mil submitted by the “land owner”. 

An officer found some irregularities and informed his superiors who asked him to lodge a police report.  

Upon checking with the authorities, police officers discovered that the land title which was submitted as collateral was forged. 

Further checks revealed that the identity card submitted for the loan application along with other documents were fake.  

Investigations led to the arrests of a suspect who upon questioning led police to the arrest of several others. 

Police also recovered several forged land titles, rubber stamps, fake identity cards and other materials used to produce the land titles and identity cards. 

Sources said police were still looking for several others to assist in investigations and have not ruled out more arrests. 

Federal Police Commercial Crime Director Deputy Comm Datuk Hairuddin Mohamad confirmed the arrests. 

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