280 million USD lost to investment fraud in Malaysia

Ramli Mohamed Yoosuf, director of Malaysia’s Commercial Crimes Department says that following the increase in the number of cheating cases involving investment recorded, it has worked with the Malaysian Securities Commission to combat this type of crime (Photo: Bernama)

Kuala Lumpur (VNA) – Malaysia’s Commercial Crimes Department (JSJK) has recorded nearly 15,000 cheating cases involving investments from 2019 to 2023, resulting in losses amounting to 1.34 billion RM (280 million USD), Bernama news agency reported.

Ramli Mohamed Yoosuf, the department’s director, said following the increase in the number of cases recorded, the department has collaborated with the Malaysian Securities Commission (SC) to combat this type of crime.

According to Ramli, the department and the SC have held a meeting to form a mechanism that can enable the public to check the authenticity of any investment.

The SC has already developed a platform called "investment checker" that can be accessed through the https://www.sc.com.my/investment-checker website to help the public check the investment schemes offered.

Both agencies agreed to continue offering their commitment to combating fraud by sharing information, expertise, investigation and operation, he said, adding that he believes the partnership can help promote effective investment schemes and curb investment fraud in the country./.