Police to charge scammers responsible for RM10.5m fraud
KUALA LUMPUR: Three members of a scam syndicate, that falsified real estate documents to obtain about RM10.5 million in loans from seven banks, are expected to be charged in court for cheating and related crimes tomorrow.
Federal commercial crimes investigations department (CCID) director Commissioner Datuk Amar Singh said today that the syndicate members had posed as buyers and sellers of real estate to apply for loans for various properties using false documents with the banks and financial institutions between 2015 and 2016.
Police received 12 reports after the losses were discovered and have to date held 13 people from the syndicate as part of initiating investigations.
Amar Singh said investigation papers were submitted to the Attorney-General’s Chambers for perusal, before receiving the green light to charge the three.
He said the suspects will be charged for cheating, fraudulently concealing or removing a property to demand or claim for it, and dishonest misappropriation of a property respectively under Section 420, 424 and 402 of the Penal Code.
Amar Singh advised banks and financial instititutions to beef up their financing protocol and to ensure the authenticity of documents submitted by loan applicants.
He said banks should also verify the existence of such properties and the identity of its real owners.