Two men admit to cheating Maybank to approve $2.84m loan
A jobless man was roped in to apply for a loan for a house he had no means to buy, on a promise of $5,000 he never received.
Iswandi Yahya, 38, yesterday admitted in a district court he had cheated Malayan Banking (Maybank) into delivering the mortgage loan of $2.84 million.
He was unable to repay the loan and this led to Maybank losing more than $1.2 million.
No restitution has been made to date.
Iswandi and former property agent Mohamad Hamzi Rabu, 50, were in court over their roles in a cashback scam in which arrangements were made in 2014 to sell a Woodgrove Walk house near Woodlands Avenue 1 for $2.4 million but to state an inflated price of $3.55 million.
Hamzi, the seller of the house, yesterday admitted that he had fraudulently executed a transfer form containing the false statement.
Iswandi, who was roped in as a buyer, would apply for a mortgage loan in his name to buy the house. He was told he would be paid $5,000 later.
The cases involving four other alleged accomplices are pending.
Iswandi will be sentenced next Tuesday, while Hamzi will be sentenced on Jan 6 next year. - THE STRAITS TIMES