A 27-year-old man from Kedah, who was previously rescued from a RM100,000 gambling debt by his family, has once again found himself in financial trouble after borrowing money from illegal loan sharks.
The man, identified only as Mr Chow, said his family had previously exhausted their savings to settle debts he had accumulated through gambling. Wanting to repay his family and ease their financial burden, he decided to seek loans from illegal moneylenders without fully considering the consequences.
Desperate attempt to repay family backfires
Speaking at a press conference alongside MCA Public Services and Complaints Department chief Datuk Seri Michael Chong and MCA Youth Deputy Chief Mike Chong Yew Chuan, Mr Chow admitted that he borrowed from two separate loan shark syndicates.
He received RM2,700 from one lender and RM2,800 from another. However, after obtaining the loans, he quickly realised he was unable to keep up with the steep repayments.
The situation escalated when the loan sharks began harassing his family, allegedly threatening to set their house on fire and splash paint on the property if the debts remained unpaid.
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The Ah Longs demand exorbitant sums, refuse to negotiate
According to Mr Chow, one of the syndicates is now demanding an astronomical RM88,000. Despite Michael Chong’s efforts to negotiate, the lender reportedly refused to reduce the amount and even challenged the borrower to lodge a police report.
Meanwhile, Mr Chow’s family attempted to settle with the second lender by offering RM10,000, including interest, to resolve the debt. However, the proposal was rejected, and the lender has yet to specify the exact amount they expect to be paid.
A reminder to the public
Commenting on the case, Michael Chong said he has repeatedly warned the public about the dangers of borrowing from illegal moneylenders, yet many continue to take the risk, dragging their families into severe financial and emotional distress, as reported by Guang Ming Daily.
He added that while authorities continue to crack down on illegal lending operations, stronger measures may also be needed to address the issue at its source and discourage people from turning to loan sharks in the first place.
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Also read: Loan Sharks Add Debts for 23yo Malaysian, Threaten RM2k Fine Over Delayed Payment of 5 Minutes
