KOTA TINGGI: A company director lost RM167,050 after falling victim to a non-existent loan scam.
The scam is believed to have been advertised on a social media platform using the name of a local bank.
Kota Tinggi OCPD Supt Yusof Othman said police received a report regarding the case on Friday (May 23).
"The victim, a 36-year-old local man, came across an advertisement on Facebook on May 21 offering a personal loan purportedly from the bank," he said here on Saturday (May 24).
"The syndicate instructed the victim to make several payments as part of the loan application and approval process," he added.
Supt Yusof said the victim proceeded to make additional payments in stages through nine money transfer transactions into nine different bank accounts.
He added that the victim suffered losses amounting to RM167,050 in an attempt to secure a loan worth RM500,000 that had allegedly been approved.
"The victim later realised he had been cheated when he did not receive the promised loan," he said, adding that police have classified the case under Section 420 of the Penal Code for cheating.
Supt Yusof advised the public to be cautious of illegal loan offers and online loans promising fast approvals.
He said the public could obtain information on the latest commercial crime modus operandi by following the official social media platforms of the Commercial Crime Investigation Department on Facebook, Instagram and TikTok.
Supt Yusof also urged the public to verify bank account numbers before conducting transactions with unknown parties through the Semak Mule service available online, as well as to download the Whoscall application to reduce the risk of becoming scam victims.
Victims of scams are advised to immediately contact the National Scam Response Centre hotline at 997 to enable early action to block the outflow of funds from suspect accounts.
