Published: Friday October 5, 2012 MYT 1:18:00 PM
Updated: Friday October 5, 2012 MYT 1:42:16 PM
Police warn of bogus personal loan syndicates on the prowl
By RASHITHA A. HAMID
KUALA LUMPUR: The police have warned the public to beware of local syndicates offering personal loans that turn out to be bogus.
Most of the dealings are conducted over the phone, without requiring the victims to fill any form or going through any red tape.
According to Federal Commercial Crime Investigation Department principal assistant director 1 (Investigation) Senior Asst Comm Datuk Lim Char Boo, the syndicates advertised their "non-existence loan" through flyers and name cards placed on post boxes and car windscreens.
Those who called the number of the "moneylender" would then be convinced with a promise to approve their loan within hours.
"The victims will be asked to deposit 5-10% of the loan amount they are applying as a processing fee," he told a press conference here Friday.
However, once the money was banked into a given account, the "moneylenders" would not be reachable any more.
SAC Lim said 447 such cases, involving RM9mil, were reported last year and 299 cases so far this year, involving RM6mil.
He added that many of the victims were owners of small businesses who were seeking quick, hassle-free loans and those blacklisted by banks.
SAC Lim said there were also cases of syndicate members lingering outside banks and approaching potential victims, claiming to know bank officials who could approve loans without hassle.
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