KUALA LUMPUR, Oct 23* — Unlicensed property agents have defrauded around 1,500 individuals of nearly RM60 million from 2019 to last year, according to the Board of Valuers, Appraisers, Estate Agents and Property Managers (LPPEPH). 

Registrar Pamela Anthony reported that numerous unlicensed brokers are masquerading as registered estate agents (REA) and real estate negotiators (REN). Some fraudulent property investment schemes have resulted in significant losses, with one case involving over 80 victims losing more than RM11 million.

“These dishonest brokers aim solely for profit, often disappearing with customer deposits,” she said. They frequently provide false information or manipulate property prices, damaging the reputation of legitimate agents.

Currently, there are 3,121 registered REAs and 74,545 registered RENs, whose credentials can be verified on the LPPEPH website. Pamela urged the public to check agents' registration status and ensure their mobile numbers match LPPEPH records.

She noted that lawyers are not automatically recognized as agents and must pass exams and complete the Real Estate Negotiator (NCC) course. The public is encouraged to verify agents’ identities and report any suspicious buying schemes or promotions to LPPEPH for investigation. Buyers should conduct thorough due diligence before making financial commitments.