Be wary of bogus financial consultants

KUALA LUMPUR: The public have been warned to be more vigilant against bogus financial service consultants who proclaim that they can help obtain loans.
Relating his experience during a press conference at the MCA Public Services and Complaints Department today, a 55-year-old sales manager said his suspicions were aroused when the person kept asking him for under-table money to ensure that the loan was approved.
The man, who only wished to be known as Chay, said he was approached by the bogus consultant sometime last year.
"Shortly later, a guy named Jordan contacted me and claimed that he was capable of applying for loans from 13 different local banks due to his vast connections with them.

"Seeing that I got nothing to lose and I was really desperate for some cash for personal use, I then provided all the necessary documents to him for a loan amounting to RM30,000 from either CIMB, RHB and Maybank.
"However, a day later Jordan contacted me again and requested that I transfer RM1,000 to a bank officer as under-table money to speed up my loan application as it had encountered some obstacles due to my low credit score.

"Not suspecting anything amiss and that it was just RM1,000 for me to get a RM30,000 loan, I did as told. But when he requested for another transfer of RM2,450 as legal fees for the loan, I immediately refused, as I had begun to feel suspicious of the whole loan process," he said.
Chay then went to the bank to make queries on the loan, where he was informed that there was no loan application or approved loan under his name.

He then lodged a police report at the Cheras police station and decided to set a trap to nab the imposter by asking the latter to meet up, so that he could pass the money to him in person.

"The imposter really took the bait and he was caught red handed by the police," Chay added.