I lost $900 to Loan scam

Anonymous | 16 Oct 2020

Loan Scam
I was looking for personal loan from banks for another debt i had to clear but i was mostly not eligible. I researched on licensed moneylenders and found this website which i checked was under "MOL" registered moneylender so i trusted in them. after i paid them the processing fee of $450 for my initial loan of $4.5k, they said their processing side made a double entry and my loan became $9k instead and that i have to pay another $450 for it to be processed but they will refund it back to me. They did not transfer me any amount.

Later, a finance team called me and told me i had to pay another $1080 for the loan to be transferred to me as POSB bank had requested as part of the account validation fee, which was odd.

They however promised me they will refund the amount back to me together with my loan as it was their company's processing error.i asked for a proof or get dbs to call me. they then sent me a dbs document referring to the account validation fee. i then forwarded it to dbs to which they had verified that there was no such thing as an account validation fee and that the document was fake, do not transfer any more money to that company and advised me to lodge a police report immediately.

Be careful everyone!

Note: All licensed moneylenders are registered with the Ministry of Law. Please only get in touch via the contact details found in this list: https://rom.mlaw.gov.sg/files/ML%20Lists/ML%20List%20as%20at%20011020.pdf

Reference: https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/