Teacher loses more than RM100k to fake cooperative

KUANTAN: A teacher lost more than RM100,000 over a month in a fraud by a non-existent personal loan cooperative.
Pahang Commercial CID chief Supt Mohd Wazir Mohd Yusof said the victim, 43, allegedly carried out financial transactions from May 3 to June 9, purportedly as processing charges to obtain a loan.
He said the victim from Pekan wanted to take a RM20,000 loan offered by the cooperative with a monthly repayment instalment of RM433.33 for five years.
"The victim came across the cooperative in an advertisement on Facebook in the middle of April and left her telephone number in the comment page.
"The total processing charges finally came up to RM108,380 which was credited into various bank accounts until she began to feel suspicious," he told reporters, here today.
Mohd Wazir added that the victim, who realised she was duped, contacted Bank Negara Malaysia's Telelink which advised her to lodge a police report.
He said the victim made a police report at Pekan police headquarters yesterday and investigations were carried out under Section 420 of the Penal Code, which provides for a maximum of jail term of 10 years and canning and is liable to a fine upon conviction. — Bernama