3130) MORE THAN 10,000 PEOPLE SOUGHT PPIM'S HELP OVER AH LONG CASES - NEWS STRAITS TIMES ONLINE - 19/10/2016
KUALA LUMPUR: The Muslim Consumers Association of
Malaysia (PPIM) wants borrowers having problems with loan financing companies
or ‘Ah Long’ (loan sharks) to get its help to monitor loan repayment. Its
leader Datuk Nadzim Johan said PPIM would provide assistance by monitoring the
monthly repayment by the borrower to the money lenders to avoid them being
used. “This loan can have interest rates as high as 18 per cent and if left
unchecked, the borrower will be charged up to hundreds (per cent) because some
of these moneylenders deceive people,” he said when contacted by Bernama today.
Nadzim said PPIM had received over 10,000 complaints relating to victims having
problems over their loans with loan sharks over the last four years. He urged
the Urban Wellbeing, Housing and Local Government Ministry to take firm action
by forming a special taskforce to oversee the more than 4,000 loan financing
companies nationwide from exploiting borrowers. He advised individuals taking
loans with loan sharks to keep records and take along witnesses when doing each
transaction, which should be signed, so as not to become a victim of fraud if
they are too desperate to take such loans. “This is because there are cases
involving accounts of borrowers retained by the money lenders being used for
money laundering without the knowledge of the account owners being prosecuted,”
he added.-- BERNAMA
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