KUALA LUMPUR: A Chinese investor narrowly avoided falling victim to a sophisticated real estate scam after discovering that her Malaysian property was nearly sold without her consent.
The investor, who only wanted to be known as Madam Si, met someone who claimed to be a deputy managing director at the Bank of China through a mutual acquaintance in February 2017.
The scheme began when the supposed bank managing director, who goes by the name Mr Yu, personally collected Si from the airport for a property viewing tour in Malaysia.
Targeting Si's aspirations for her child's education, Yu convinced her to purchase a condominium, claiming it would guarantee entry to the Malaysia My Second Home (MM2H) programme.
"He assured me the property purchase would secure a long-term multiple-entry visa for my child," Si said.
After investing in the property, Si discovered the promises were false and spent an additional RM10,000 on legitimate MM2H documentation.
When Covid-19 travel restrictions were imposed in 2020, Yu persuaded Si to grant him property management rights.
Over two years, he rented Si's property without consent for monthly amounts between RM2,700 and RM2,900, resulting in property damage totaling RM30,000.
In July this year, Si visited Malaysia, but was met with threats from Yu if she attempted to access her property.
She also learned through her tenants that Yu had forged her signature on property sale documents worth RM1.5 million.
However, the Malaysia-China Friendship and Mutual Aid Association intervened to prevent the fraudulent sale and is now investigating Yu's credentials and residency status.
MCA Youth deputy chief Mike Chong Yew Chuan advised international investors to verify agents' credentials with the Board of Valuers, Appraisers, Estate Agents and Property Managers and MM2H agencies through Malaysia's official channels before making investments.
Chinese nationals can reach out to Malaysia-China Friendship and Mutual Aid Association's helpline at 03-7982 7885 or via email at mcfamaa@yahoo.com for assistance.