Banks, NPL’s, the Underworld and Money Laundering: Is this for real?

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Subang, Shah Alam and Selangor Consumers Association (Cassa) President, Jacob George, “We are giving them 21 days to react, failing which we will stage demonstrations outside of banks all over Malaysia.

Free Malaysia Today

‘Thugs, mafia buying up NPLs’

Leven Woon | September 20, 2012

Thugs are organising syndicated auctions – allegedly with the help of local banks – as a means to launder money, claims a consumer association.

SHAH ALAM: Underworld mafia and thugs have allegedly infiltrated the local banking system.

According to Subang, Shah Alam and Selangor Consumers Association (Cassa), bookies and loan sharks are working in cahoots with financial institutions to take over banks’ non-performing loans (NPLs) and are manipulating the property auctions.

Cassa president Jacob George said “agents” were forming companies and debt-collecting agencies to carry out their activities, and urged the authorities to quickly set up a task force to probe into the matter.

Thugs, mafia buying up NPLs’

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Free Malaysia Today

Land buyer claims bank cheated him

Leven Woon | September 5, 2012

Paul Murugesu accuses a bank of manipulating the redemption sum and eventually auctioning off his property last month.

SUBANG JAYA: When Paul Murugesu bought a piece of land in Klang for RM11.5 million in December 2010, never did he expect that the seller’s bank would auction off the land two years later.

The 53-year-old Klang-based businessman felt even victimised as the bank allegedly did not grant him a chance to pay the bank loan and increased the redemption sum by RM8.6 million within 18 months.

He claimed that he had suffered more than RM3 million in losses, while risking to be evicted soon from his land.
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Cassa president Jacob George slammed the bank for conspiring with hidden hands to manipulate the redemption sum and later auction off the land.
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Describing the event as a “sham auction”, George urged the bank to rectify the matter within seven days, failing which he would bring it to the MACC, police and the Bank Negara.

Land buyer claims bank cheated him

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