T
Taigong Wang
Guest
The daily also highlighted a report about loan sharks allegedly using a new tactic to cheat civil servants by enticing them to secure loans from certain co-operatives before investing the money in a multi-level marketing (MLM) scheme.
The syndicate allegedly used middlemen who claimed to be the co-operative agents, to coax civil servants to apply for loans and invest in the MLM, which had RM1bil in accumulated capital and had been blacklisted by the authorities.
The Cooperative Commission of Malaysia received complaints from those cheated by the syndicate, which allegedly used fake signatures and thumbprints of victims.
CCM chief executive Datuk Md Yusof Shamsudin said the commission would also freeze the National Co-operative Organisation of Malaysia (Angkasa) service bureau salary deduction codes of the alleged co-operatives to stop them from making transactions other than debt collection.
