Licensed money lenders duped by syndicate
The Star/Asia News Network
Saturday, Jan 05, 2013
KUALA LUMPUR: A syndicate has managed to convince some licensed money lenders to give out loans to "borrowers" who later disappeared without a trace.
The matter came to light after a supervisor of a money lending company, who wanted to be known as Tham, 25, claimed that his company was duped by four individuals in April 2009.
He said a 56-year-old woman had borrowed a total of RM39,000 (S$16,000) to invest in a foreign money exchange business.
"She came with three others who were willing to stand as guarantors," he said. "We were convinced by them as they also gave us supporting documents from the Commissioner of Oaths and guaranteed that they would be able to pay all her debts within a month," he added at a press conference organised by MCA Public Services and Complaints Department Head Datuk Seri Michael Chong yesterday.
Tham said his company received a cheque issued by a foreign bank, totalling HK$86,000 (S$13,800), a month later but the transaction did not go through.
When asked why he brought up the matter only now, Tham said the company had been trying to track the suspects but to no avail, which was why they were now seeking public help.
R.C. Veeraseelan, president of the Malaysian Licensed Moneylenders Association, which represents 1,200 companies, said the case was not an isolated incident as they had received many similar complaints in the past.
