Focus

Loan fraud losses spike up to over RM8 million as of April

15 Apr 2022 08:47pm
Photo for illustration purpose only - Source: 123rf
Photo for illustration purpose only - Source: 123rf

KUALA LUMPUR - A total of 903 cases of non-existent loan fraud were reported as of April this year with losses over RM8 million.

Bukit Aman Commercial Crime Investigation Department director Datuk Mohd Kamarudin Md Din said that based on police statistics, loan fraud continued to record a high number of cases every year.

"In 2019, a total of 5,039 cases were reported with losses of RM48.42 million and cases continued to increase to 5,718 cases with losses of RM62.39 million in 2020. In 2021, a total of 4,784 cases were reported involving losses of RM50.6 million," he said in a statement today.

He added that an analysis by the police found that the only way for the syndicate to get money from the victim was through an advance payment that was supposed to be paid by the victim before the loan was approved.

"Various tricks were used by the syndicate to obtain the advance payment, including legal fee, agreement fee, insurance fee, credit increase fee, CCRIS/CTOS fee, LHDN fee, account activation fee and so on," he said.

Mohd Kamarudin said this was unlike the money lending method practised by banking institutions or licensed money lending companies, in which any fees payable would be included as part of the loan amount.

"Therefore, any loan scheme that asks for an advance payment is a scam and members of the public are advised to be careful and not fall for the tricks of the loan fraud syndicates," he said.

The public can refer to the CCD Scam Response Centre at 03-26101559 or 03-26101599 for any advice or concerns related to commercial crime. - BERNAMA

Related Articles:

loan
scam
More Like This
The new tariff schedule with a base tariff of 45.62 sen per kilowatt-hour for Peninsular Malaysia under Regulatory Period 4 (RP4) is proposed to be implemented starting July 1, 2025, Tenaga Nasional Bhd said today.
The new tariff schedule with a base tariff of 45.62 sen per kilowatt-hour for Peninsular Malaysia under Regulatory Period 4 (RP4) is proposed to be implemented starting July 1, 2025, Tenaga Nasional Bhd said today.
National TNB proposes to impose higher base tariff for Peninsular Malaysia for 2025-2027
TNB said the regulatory rate of return has been maintained at 7.3 per cent as per RP3 and this would enable the utility firm to make essential investments in the industry, ensuring a continuous and reliable electricity supply to meet growing demand.
A generator room supplying electricity to the Tuanku Ja'afar Hospital here caught fire earlier this afternoon.
A generator room supplying electricity to the Tuanku Ja'afar Hospital here caught fire earlier this afternoon.
National Lorry accident causes fire at HTJ generator room
The fire was caused by a lorry, believed to be carrying construction materials, which snagged an electrical cable, causing the cable pole to collapse.
Photo for illustration purpose only. - Photo illustrated via Canva
Photo for illustration purpose only. - Photo illustrated via Canva
National Immediate reform needed in social media regulations to protect children - Syerleena
"The Internet, once celebrated as a vast repository of limitless knowledge, has become a dark and perilous space for those who seek to exploit children."
A Perodua Kelisa carrying a family of four overturned after losing control at KM212.3 of the WCE near Sitiawan. Photo: Perak Fire Department.
A Perodua Kelisa carrying a family of four overturned after losing control at KM212.3 of the WCE near Sitiawan. Photo: Perak Fire Department.
National Tragic accident on WCE claims lives of mother, toddler
By NOOR AINON MOHAMED
26 Dec 2024 07:44pm
The vehicle veered off the road and crashed into the road divider before overturning in the middle of the road, resulting in the toddler being ejected.