Cops: Don’t borrow from loan sharks to finance Sara 1M’sia

  • Nation
  • Sunday, 29 Jan 2012

PETALING JAYA: Those who are qualified for the Sara 1Malaysia scheme should not borrow from loan sharks to finance their initial investment.

This is the warning from the police, who said that going to Ah Long would land them in trouble.

“This scheme is aimed at helping people with low income.

“But taking a loan from Ah Long will only create problems,” Bukit Aman vice deputy director Senior Asst Comm Abdul Jalil Hassan said yesterday.

He advised the public to instead apply for the Sara 1Malaysia loan provided by the Government.

“There should be no reason to borrow money from illegal sources as the Government has provided proper channels for the people to get the cash needed to invest in the scheme,” he said.

MCA Public Complaints Bureau chief Datuk Micheal Chong said loan application processes should be made easy and hassle-free in order to keep loan sharks at bay.

“Some members of the public may resort to borrowing the RM5,000 initially needed to join the scheme from loan sharks, if the process of obtaining the loan legally is too lengthy or troublesome,” he said yesterday.

Chong, however, added that the scheme was a good move by the Government to help the lower income group.

“This is something which could go a long way in helping the people to save for a rainy day,” he said.

Sara 1Malaysia, with a return on investment of 12% per annum over five years, is a unit trust investment backed by a unique loan incentive with an investment period of five years.

A total of RM500mil has been offered for its funding to 10,000 households.

The implementation of Sara 1Malaysia is a collaboration between PNB, Malaysian Development Holdings Sdn Bhd (MDHSB), Malayan Banking Bhd (Maybank), CIMB Bank Bhd, RHB Bank Bhd and Bank Simpanan Nasional (BSN).

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