A contractor lost RM254,000 after falling for a non-existent loan syndicate that advertised on Facebook and required 23 bank transfers.
KUALA TERENGGANU: A contractor lost RM254,000 after falling victim to a non-existent loan syndicate that advertised financing on Facebook before persuading him to make 23 bank transfers into a single account.
Kuala Terengganu police chief ACP Azli Mohd Noor said the victim, in his 40s, came across the loan advertisement on Facebook on March 31 before contacting the suspect to apply for a RM200,000 loan.
He said the suspect contacted the victim on June 23 to inform him that the loan application had been approved and arranged a meeting to review several loan agreement documents.
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“The victim, who is from Manir here, met the male suspect, believed to be in his 30s, at an eatery in Kuala Terengganu.
“During the meeting, the suspect showed several loan agreement documents to convince the victim. However, to obtain the loan, the victim was required to make several payments, purportedly for processing and negotiation fees,” he said when contacted today.
Azli said the victim, who was desperate for funds for his business, made an initial payment of RM7,500 the following day, after which the suspect continued demanding additional payments on various pretexts.
He said the victim eventually made 23 transfers amounting to RM254,000 into the same bank account between June 24 and July 18 using his savings and money borrowed from friends.
“The victim realised he had been cheated and lodged a police report at 1.14 pm yesterday after failing to obtain the loan and being unable to contact the suspect.
“The case is being investigated under Section 420 of the Penal Code. Police advise the public to be cautious of the various scam tactics that are now widespread,” he said.
He reminded the public to verify the legitimacy of loan offers and avoid making advance payments to unknown individuals or companies before confirming the authenticity of any financing arrangement.
