A 19-year-old student alleges a RM1,000 online loan resulted in RM16,800 in payments and repeated harassment.
KUALA LUMPUR: A 19-year-old university student has alleged that a RM1,000 online loan obtained through a social media advertisement escalated into a campaign of harassment, intimidation and repeated payment demands that ultimately cost his family RM16,800.
The student, identified only as Yap, said he responded to a loan advertisement on Instagram and applied for a RM1,000 loan.
According to Yap, he received only RM700 but subsequently repaid the full RM1,000 within a few weeks.
However, he claimed the lender later demanded an additional RM8,000 as a purported “clearing fee” to remove his record from its system.
“The report was made after I refused a ‘settlement fee’ of RM8,000 imposed by the lender known as Jacky.
“I was followed by the lenders while making the police report. My family also received threats in the form of edited images with blood effects and the words ‘scammer alert’,” he said.
Yap alleged that after lodging a police report, the harassment intensified, with further demands for RM4,800 described as compensation for a supposedly “frozen” bank account and another RM4,000 for the removal of an alleged blacklist status.
He said the threats extended beyond himself and targeted his family.
“I tried to negotiate over the loan issue but received further threats, including paint-splashing incidents and threats to burn down our house.
“They insisted that I pay a ‘settlement fee’ and additional charges as compensation, amounting to RM16,800.
“My father had to renegotiate with Jacky and eventually agreed to pay RM16,800 within three days in exchange for a ‘loan settlement letter’ as proof that the matter was resolved,” he said during a press conference at Wisma MCA.
Despite the payments, Yap claimed the demands did not stop.
He alleged that additional requests for RM3,000 and later RM12,000 were made by individuals claiming to represent different “agents” linked to the same syndicate.
Also present at the press conference was, MCA Youth deputy national chief and Federal Territories Youth chief Mike Chong Yew Chuan.
Chong described the case as involving an alleged loan shark syndicate operating through social media platforms and using multiple identities and intimidation tactics to pressure victims into making repeated payments.
“We have contacted the Wangsa Maju police station, and the victim met with the investigating officer on Thursday. So far, there have been no further threats,” he said.
Chong also advised the public to exercise caution when dealing with online lenders and to verify that any lending company is properly licensed and authorised before entering into financial transactions.
He urged individuals seeking loans to use legitimate financial institutions and avoid unlicensed operators advertising through social media platforms.
