GEORGE TOWN: An entrepreneur in Penang was extorted of RM400,000 for 20 months after falling prey to a “fast loan” scam that initially provided him with RM20,000 nearly two years ago.
Bryan Teow, 50, said his Hong Kong business was facing cash flow problems in August 2024 when he came across a Facebook advertisement on fast loans from a bank, prompting him to apply.
A person claiming to be a bank officer then contacted him through WhatsApp to share more information on the loan scheme, which Teow admitted he did not verify.
Teow said he received the RM20,000 loan in August itself, but the scammers started demanding money from him the following month.
“Like many victims, I initially believed that if I complied with the demands, the situation would eventually come to an end. Unfortunately, it did not,” he said at a press conference joined by Penang digital committee chairman Zairil Khir Johari at Komtar here today.
He said the scammers threatened to disrupt his business and personal life if he did not pay them. They even visited his company’s premises in Kuala Lumpur and harassed his employees.
“Throughout these 20 months, I chose to remain silent because I hoped the problem would disappear if I continued to cooperate. Looking back today, I realise that silence was not the solution,” he said.
Teow’s lawyer, Dixon Eng, said the scammers also threatened to put up pictures of his client in Penang labelling him as a “liar”.
Eng said a police investigation is under way following a report filed on May 29, while the police have sent letters to the banks involved requesting the bank statements of the nine accounts used in the transactions.
“Anyone who lends their accounts to scammers would, of course, expose themselves to legal consequences, such as freezing of their accounts or court charges,” he said.
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Zairil expressed concerns over the rise in scam cases in Penang in recent years, pointing out that these have not only affected the elderly but even youths and entrepreneurs.
“I think scams are on the rise, and we really need to do something about them,” he said. “So, one of the lessons we want to share today is this: don’t simply click things online, especially when you come across advertisements.
“If it involves a financial institution, it’s better to go to the bank, meet the officers, and conduct the business there. Don’t just do it online. There are a lot of vulnerabilities when you do (these businesses) online.”
