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