More than RM20mil lost in loan scams since beginning of the year, say police


Bukit Aman CCID director Comm Datuk Zainuddin Yaacob. -AZLINA ABDULLAH/The Star

PETALING JAYA: More than RM20mil in losses to loan scams have been reported to the police since the beginning of the year.

Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Zainuddin Yaacob said data showed that 1,987 cases had been reported up to Tuesday (May 18).

"It is normal to use licensed moneylenders for personal spending, emergencies, business purposes and such, especially among small and medium business owners.

"However, these establishments have tight conditions that need to be met before any loans are approved.

"Crime syndicates have seen this as an opportunity to promote their 'services', with supposedly low-interest rates and fast processing," he said in a statement on Wednesday (May 19).

Comm Zainuddin said that once victims fall for the promise of a quick loan, the scammers would impose various fees in order to expedite the process.

Among the common charges imposed were legal, agreement and account activation fees.

"However, once payment has been made, the promised loan will not materialise," he said.

He urged caution when faced with such offers, adding that people should only deal with licensed moneylenders and in person.

"Remember that no payment is incurred before a loan is approved. All fees are normally deducted from the loan.

"Also, never give out your personal and bank information to strangers," he said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Nation

Workers urged to get jabbed
Companies offering incentives to workers to get vaccinated
Govt is all for making workplaces safer for employees
Sabah authorities gear up to increase vaccine awareness
Four out of every five adults vaccinated in Klang Valley
Flocking to coconut stalls to stay hydrated
Centenarian great-great-grandma shows the way
‘Nasi ganja probe deepens’
Hunt on for patient who fled on the way to quarantine
PM launches new nutrition policy

Stories You'll Enjoy


Vouchers