SCAM by KWSP

Receive this email just now. Don't know how true is it...

This is another method for KWSP to steal our money !

Remember during Budget 2008 announcement last yr, our Finance Minister
(cum PM) announced that in order to assist KWSP members to reduce the
burden in housing load repayment, KWSP will allow monthly withdrawal
from members' A/C II for the purpose ?
Sounds like a nice goodies !
When you apply for the monthly withdrawal, you only need to provide
KWSP yr housing loan & instalment details from yr bank and the bank
a/c # you like KWSP to bank the monthly withdrawal into it. KWSP will
approve yr application based on the available amt in yr A/C II and
compute the withdrawal period by dividing the approved amt with the
monthly instalment amt. Application process takes about a month and
you will receive the monthly payout promptly into yr bank a/c !
Well everything appear to be nice and good. It was indeed a noble plan
until you take to close look at yr KWSP Statement !
The withdrawal plan is actually a SCAM !
This is how the KWSP SCAM works.......
Assuming you have RM100,000 in yr A/C II and yr housing loan's monthly
instalment is RM2000/mth.
KWSP will approve yr application of withdrawal from yr A/C II of
RM100,000 and pay you RM2000/mth for the next 50mths.
Everything appears to be in order BUT.......
What KWSP didn't highlight to you is that when the application was approved,
the TOTAL AMT (RM100,000) is removed from yr A/C II!
It appears to be transfered to an unknown a/c to effect the monthly
payment from therein.
The impact to the member are as follows :-
1. You just lost RM100,000 from yr A/C II.
Assuming the KWSP Dividend is 5%, you will lose >RM4,000 in dividend
during the 1st year.
Based on the above example you will will lose >RM10,000 over the 50
mths period !
2. There is no statement to account for the amt approved vs amt paid, hence
you would need to keep the monthly payment voucher to reconcile against the
approved amt over the 50mths period to ensure there is no missing amt!
Assuming there are 100,000 members who innocently fell prey to this SCAM,
based on the above example, KWSP would have cheated the members of
100,000 X RM10,000 = RM1,000,000,000 (that's RM1 BILLION) over the period !
Furthermore, if you discovered this SCAM early and intend to stop the
plan, KWSP would not allow any cancellatioun of the plan until at least
1 year.
That would mean, once the application is approved, based on the above
example, you would have lost RM4,000.
100,000 members would have lost 100,000 X RM4,000 = RM400,000,000
(RM400 MILLION) in One Year!!!