Man loses RM363,887 in alleged fake bank auction property scam in Miri

A man who intended to buy a property for his family has allegedly been cheated out of RM363,887.49 in a non-existent bank auction property deal. — Picture by Firdaus Latif

First Published: Saturday, 17 Oct 2026 4:02 PM MYT

MIRI, Oct 17 — A man who intended to buy a property for his family has allegedly been cheated out of RM363,887.49 in a non-existent bank auction property deal.

Miri District Police Chief ACP Mohd Farhan Lee Abdullah said in a statement shared on Miri police’s official social media page that the 56-year-old victim lodged a police report at Miri Central Police Station on October 15.

According to the police report, the victim had known the suspect for about two years through business dealings and friendship.

“In November 2025, the complainant intended to purchase a house for family use in Kuching. The suspect then allegedly offered five houses in the Taman Abadi area, Kuching, which were claimed to be bank auction houses at prices lower than the market rate.

“The suspect also offered to manage the purchase process, including the preparation of the Sales and Purchase Agreement (SPA) and property title transfer,” said the statement.

Mohd Farhan said the complainant claimed to have made several payments in stages between November 2025 and January 2026 for the proposed purchases, including deposits, land surveying fees and payments related to the Inland Revenue Board (LHDN).

“However, the purchase arrangements were allegedly not completed as promised. The complainant also claimed that they have yet to receive complete documents proving ownership of the houses, despite contacting the suspect repeatedly for clarification,” he said.

Police are investigating the case under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.

Police advised the public to be cautious of property offers at unrealistically low prices, verify property status through official channels, consult qualified lawyers and avoid transferring money to third-party accounts without proper verification. — The Borneo Post