Contractor loses RM13.3mil to ex-bank officers in refinancing scam

0
89

Contractor Chin Hooi Phang (left) with Penang Gerakan public complaints bureau chief H’ng Khoon Leng.

GEORGE TOWN: A man lost RM13.3 million to two former bank officers who had promised him returns for supporting 85 “home refinancing” applications which they claimed were pending at their bank.

Contractor Chin Hooi Phang, 58, said he was approached for a loan from the two bank officers, in their 30s, to enable them to hasten payouts to customers who took refinancing schemes from the bank.

The men told Chin the loaned money would be used to pay the customers an upfront sum, as the actual disbursement from the bank refinancing scheme would “take a long time”.

Chin agreed, paying RM13.3 million for 85 home refinancing cases over a period of one year, Penang Gerakan public complaints bureau chief H’ng Khoon Leng told reporters today.

H’ng said the two former bank officers – one of whom was a…

Read full article at www.freemalaysiatoday.com