Kuala terengganu: A contractor lost RM254,000 after falling victim to a non-existent loan syndicate that advertised financing on Facebook before persuading him to make 23 bank transfers into a single account.

According to BERNAMA News Agency, Kuala Terengganu police chief ACP Azli Mohd Noor stated that the victim, in his 40s, discovered the loan advertisement on Facebook on March 31 and subsequently contacted the suspect to apply for a RM200,000 loan.

Azli explained that the suspect informed the victim on June 23 that his loan application had been approved and organized a meeting to discuss several loan agreement documents. The victim, seeking funds for his business, met the male suspect, believed to be in his 30s, at an eatery in Kuala Terengganu. During this meeting, the suspect presented various loan agreement documents to convince the victim. However, the victim was required to make several payments allegedly for processing and negotiation fees to receive the loan.

The police chief further revealed that the victim initially paid RM7,500 the following day. The suspect continued to demand additional payments on various pretexts, leading to the victim making 23 transfers amounting to RM254,000 into the same bank account between June 24 and July 18, using his savings and borrowed money from friends.

Realizing the deception, the victim filed a police report at 1.14 pm yesterday after failing to secure the loan and losing contact with the suspect. The case is under investigation under Section 420 of the Penal Code. Police urge the public to be vigilant regarding the numerous scam tactics currently prevalent and to verify the legitimacy of loan offers. They also advise against making advance payments to unfamiliar individuals or entities before confirming the authenticity of any financial arrangement.