JOHOR BARU- A “Datuk” who borrowed RM700,000 from an Ah Long has disappeared.
The Johor Baru MCA public complaints bureau deputy chairman Michael Tay said the “Datuk” accumulated the debt after he started gambling online.
He added that he tried to negotiate with the Ah Long on the Datuk’s behalf but the 37-year-old had since disappeared.
Tay revealed that the bureau had recorded 100 cases so far this year involving illegal moneylenders.
“This is a perennial problem that will only end if borrowers learn to manage their money and spend within their means.
“We need to come up with ways to teach borrowers how to get out of debt and better manage their finances,” he said at a press conference here yesterday.
Also at the press conference was a 41-year-old security guard who is being hunted by five different Ah Long.
The man borrowed RM5,600 in October last year and has to pay an interest of RM5,200 in addition to the principal amount.
The security guard said he had initially borrowed the money as his monthly pay of RM1,250 was not enough to sustain his family’s needs.
“I was just trying to support my wife and three children and truly regret turning to illegal moneylenders for help,” he said, adding that he was wiling to put his flat up as security to anyone who was willing to lend him the money to settle the debts. – The Star