Loan sharks making borrowers put up vehicles as collateral, says Bukit Aman
KUALA LUMPUR: Loan sharks are now making victims put up their vehicles as collateral, says Bukit Aman.

Federal Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf said that police had detected this new modus operandi after a raid of an office unit in Sungai Besi on March 11 in which 14 people were arrested.

Comm Ramli Mohamed said at a press conference on Thursday (March 14) that this raid also led to the discovery that the syndicate had made victims change the ownership of their vehicles if they wished to borrow money.

"To obtain their 'loan', one would first need to hand over their vehicles to their company - Renter Solution Tour Sdn Bhd - as a form of collateral. This process will require the borrower to pay additional fees to change ownership of the cars and to also install a GPS tracker.

"Before accepting the money a borrower would need to sign an agreement letter regarding the selling and renting of the vehicle. If payments were not made the ownership of the cars would be transferred to the syndicate without the knowledge of the borrower," he said.

All 14 arrested have been remanded under March 14.
Courts Crime,Raid,Sungai Besi,Loan Sharks,Vehicles,New modus operandi,Changing ownership,Collateral
KUALA LUMPUR: Loan sharks are now making victims put up their vehicles as collateral, says Bukit Aman.