Kota tinggi:<Text>

A company director lost RM167,050 after allegedly falling victim to a non-existent loan syndicate. Kota Tinggi police chief Supt Yusof Othman stated that police received a report yesterday from the 36-year-old man, who claimed to have been deceived by a loan advertisement on Facebook using the name of a well-known bank.

According to BERNAMA News Agency, the victim was lured by a personal loan advertisement on May 21 offering fast approval. He was then instructed to make several payments purportedly for loan processing and approval. The victim made nine money transfers into nine different accounts in stages to secure the agreed loan amount of RM500,000.

Yusof mentioned that the victim realised he had been scammed after failing to receive the promised loan and later lodged a police report. The case is being investigated under Section 420 of the Penal Code for cheating.