1224) PROPERTY WORTH RM50MIL LOST IN AH LONG-LINKED SCAM, SAYS GROUP - NEW STRAITS TIMES - 20/06/2026
KUALA LUMPUR: A consumer group claims that more than 100 people have lost property worth over RM50 million in the past five years to a syndicate involving loan sharks, lawyers and civil servants.
The Malaysian Muslim Consumers Association said the scheme involved the manipulation of property transactions to transfer ownership of victims' assets.
The association's chief Datuk Nadzim Johan said the group had received more than 100 complaints over a modus operandi involving transfers of house ownership titles.
He described the practice as "unbelievable", saying some cooperatives offering gold investment schemes required borrowers to take loans from loan sharks as a condition.
Transactions were sometimes carried out outside office hours, while property values were significantly below market price, he said.
In some cases, borrowers were asked to sign sale and purchase agreements as a formality, with loan proceeds channelled into cooperative accounts.
He cited one case in the capital where a property worth RM4 million was allegedly transferred for less than RM1 million to secure a loan.
The association's chief said some syndicates allegedly used forged documents to profit at the expense of victims.
It said it believed influential individuals were behind the activity, which has been ongoing for more than five years.
"What is worrying is that some complainants do not know what to do. Some have fallen ill from stress after losing their assets," he said.
The group said it would bring the matter to Inspector-General of Police Datuk Seri Khalid Ismail and Attorney-General Tan Sri Mohd Dusuki Mokhtar for further action.
Article by: New Straits Times
PROPERTY WORTH RM50MIL LOST IN AH LONG-LINKED SCAM, SAYS GROUP
