PETALING JAYA: With banking institutions imposing stricter conditions for the approval of loans due to the sluggish economy, scam syndicates offering non-existent loans are having a field day.
Since early 2020, when the Covid-19 pandemic struck, until this month, the scammers have raked in more than RM82.6 million from their victims in 7,705 cases.
In 2019, more than RM48.4 million was lost to the scammers in 5,039 cases.
Federal police commercial crimes investigations department (CCID) head Commissioner Datuk Zainuddin Yaacob said today that the syndicates exploited those in dire financial straits due to the pandemic and have difficulty obtaining bank loans.
He said the syndicates often advertised their loan offers in the social media, luring victims with low interest rates, hassle-free and fast approval of loans.
“When the victims make enquiries and seek loans, the syndicates will request for upfront payments purportedly for miscellaneous fees for multiple processes. After the victims make these upfront payments, the syndicate will no longer be contactable and the promised loan nowhere in sight,“ Zainuddin said.
He urged the public to avoid unlicensed moneylenders and to not fall for the attractive offers made by such syndicates in cyberspace.
In a case on Tuesday morning, the Selangor police CCID busted an unlicensed moneylender in a raid at a double-storey house at Jalan Sungai Ramal, Shah Alam, with the arrest of seven men.
Selangor police chief Commissioner Datuk Arjunaidi Mohamed said today that police seized cellphones, five cars, banking documents and RM50,000 in the raid.
He said the suspects are being held under a remand order for further investigations.
