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 bank manager Chin had known for eight years – had promised him an undisclosed sum as returns for the advances.
“The bank manager told Chin he would get the money for 10 cases, but the returns were never received, with the perpetrator claiming it was used to bankroll other cases,” H’ng said.
Chin said he had first met the bank manager when he sought a mortgage eight years ago and they had become friends.
He said he had raised the RM13.3 million between October 2020 and November 2021, including nearly RM10 million from friends and…
