A contractor hoping to secure a RM200,000 loan ended up losing RM254,000 of his savings after falling victim to a non-existent loan scam.
Kuala Terengganu District Police Chief Assistant Commissioner Azli Mohd Noor said the victim, a man in his 40s, lodged a police report at the Kuala Terengganu Police Station at about 1.14pm on Monday.
Azli said the construction contractor came across a loan advertisement on Facebook on March 31 and expressed interest in applying for a loan.
The victim later applied for a RM200,000 loan and was approached by an unidentified man, who met him at a restaurant in UTC Kuala Terengganu to convince him that the loan offer was legitimate.
During the meeting, the suspect allegedly presented loan agreement documents for the victim to sign.
The victim was then instructed to make 23 separate payments, purportedly to facilitate the approval of the loan, by transferring money into the same bank account.
Believing the payments were required, the victim transferred a total of RM254,000 from his savings.
He only realised he had been scammed after the promised loan was never disbursed.
The victim subsequently lodged a police report, and the case is being investigated under Section 420 of the Penal Code for cheating.
