Almost RM4 Billion Cheated Via Investment Syndicates In 2017
Nearly a million people were scammed out of RM3.8 billion via fraudulent investment rackets in the first 11 months this year.
According to Bukit Aman Commercial Crime Investigation Department director Amar Singh Ishar Singh, 947,301 people were conned, amounting to RM3.8 billion, between January and November in 2017.
This was an increased from 190,750 people of RM845,000 losses during the same period last year.
The victims were promised high returns on their investments, he said.
“The fraud cases detected by the police were for commodity investment, trading, gold, foreign exchange, shares and tenders,” he added.
“We want to advise the public not to be easily duped by offers of unverified investments,” he said, adding that these scams are typically in shares, gold and bitcoin trading.
The public should not be tricked by promises of large and quick returns and they should verify the profile of the investment company with Bank Negara Malaysia before signing up for any investment.
He also advised people to stay away from investment schemes that appeared shady or were too good to be true.