More than 14,000 investment fraud cases, losses amounting to RM1.34bil, says Bukit Aman

KUALA LUMPUR: The Commercial Crimes Department has recorded 14,488 cheating cases involving investments over a five-year period, from 2019 to 2023, resulting in losses amounting to RM1.34bil.

Its director Comm Datuk Seri Ramli Mohamed Yoosuf said following the increase in the number of cases recorded, the department has formed a collaboration with the Malaysian Securities Commission (SC) to combat such crimes that continue to rise.

Comm Ramli said a discussion was held between the department and the SC on Thursday (Feb 22) at its office in Bukit Aman together with SC Enforcement director Budiman Lutfi Mohamed and his delegation.

According to him, an understanding was reached, that of to form a mechanism that can enable the public to check the authenticity of any investment.

“For that, the SC has already developed a platform called “investment checker” that can be accessed through the website to help the public check the investment schemes offered.

“Both agencies agreed to continue offering their commitment to combatting fraud by sharing information, expertise, investigation and operation,” he said in a statement.

Ramli said the department believes the partnership can help promote effective investment schemes and curb investment fraud in the country. – Bernama