Debts, gambling might be cause of man going on the run over RM90m

31 Mar 2016 / 23:19 H.

KUALA LUMPUR: Mounting debts and compulsive gambling is believed to have led a 65-year-old businessman to default and flee overseas after allegedly duping several banks into granting him a loans amounting to about RM90 million for a non-existent business venture.
Sources said the federal police commercial crimes investigations department (CCID) learnt that the suspect had slipped out of the country to Indonesia soon after receiving the loan disbursement between 2010 and 2012.
Police have put out an Interpol alert on the man.
Investigations by the CCID also revealed that weeks later, the man left Indonesia for Australia where he is believed to be residing.
Sources told theSun that the businessman was a managing director who ran a successful manufacturing business in Balakong near here which he acquired from a Japanese company in 1997.
In 2010, he decided to expand his business of manufacturing small parts for computer hardware and electronics appliances.
He sought business loans from seven banks supposedly to move his factory to a larger plot of land in Semenyih and acquire bigger machinery costing millions of ringgit.
To substantiate his loan application, he allegedly produced forged documents and invoices which showed that he had purchased the machinery from a company in Singapore.
However, he refurbished his old equipment, making it appear as good a new, when bank officials wanted to inspect the machinery before approving the loan.
When the man went missing, checks by the banks showed that all that was on the plot of land was a partially erected factory.
It is also understood that the banks are expected to make a partial recovery of the funds disbursed after auctioning the plot of land.
Investigators also learnt that the suspect had debts with loan sharks and was a habitual gambler.
He also had two dormant business partners who were quizzed by police and were found to have no involvement in the fraud.
"He should come forward and assist us in the investigations and not keep away. How long can he go on evading the authorities?" said a CCID officer investigating the case.
The case is being probed for cheating under Section 420 of the Penal Code.
Police are looking for Liew Hong Sing (MyKad: 510111-08-5693) to assist in investigations into the case.
Those with information on Liew's whereabouts should contact the nearest police station or the investigating officers of the case — Supt Ku Ismail Ku Awang at 017-8899165, ASP Norazura Din at 0162189313 or Insp Khairul Nizan Mohd Yusof at 017-3074557.

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