GEORGE TOWN: An education entrepreneur lost nearly RM400,000 after falling victim to an online fast loan scam.
The scam subjected him to months of intimidation, threats and repeated demands for money.
Bryan Teow, who manages businesses in Malaysia and Hong Kong, said the ordeal began in August 2024 when he faced cash flow difficulties arising from legal matters in Hong Kong.
Teow said he came across a Facebook advertisement promoting what appeared to be a bank's fast loan facility and clicked on the link.
Shortly afterwards, he was contacted via WhatsApp by an individual claiming to be a bank officer.
"I did not verify the information carefully and chose to trust what he told me," Teow said at a press conference on Friday (June 5).
He applied for a RM20,000 loan and received RM17,800 from the lenders.
Teow said the scammer subjected him to prolonged pressure, intimidation and threats while repeatedly demanding money.
The scammer also showed him photographs and disclosed details about his company, leading him to believe the individual had connections within government agencies.
The suspect further threatened to disrupt his business operations and personal life.
Teow said he remained silent for about 20 months, hoping the problem would disappear if he continued to cooperate.
"Looking back today, I realise that silence was not the solution," Teow said.
The turning point came when he decided to seek help through proper legal channels instead of continuing to live in fear.
Teow has since lodged police reports on May 29 and engaged legal counsel to protect his rights.
He added that the police had informed him that investigations had already commenced.
Teow urged the public to verify information carefully before making financial decisions and to seek help immediately if they become victims of scams.
State infrastructure, transport and digital committee chairman Zairil Khir Johari said the case highlighted how online loan scams had become increasingly sophisticated.
Zairil added that these tactics could have serious emotional and financial consequences for victims, their families and businesses.
To combat online scams, Zairil said members of the public who fall victim should immediately contact the National Scam Response Centre (NSRC) hotline at 997 within 24 hours of transferring funds.
They may also contact the Commercial Crime Investigation Department Scam Response Centre at 03-2610 1559 or 03-2610 1599.
Complaints can also be lodged through the MCMC complaints portal, or by contacting the commission's WhatsApp hotline at 016-220 6262.
Zairil said Digital Penang also conducts monthly public awareness programmes focusing on online financial fraud to educate the public on identifying scam tactics.
