Police: Losses from investment scams hit RM1.47 bln last year

Police: Losses from investment scams hit RM1.47 bln last year

KUALA LUMPUR: Investment scams caused losses of RM1.47 billion last year, involving 9,603 cases, with the Royal Malaysia Police identifying five main methods, most using social media as the primary channel.

Bukit Aman Commercial Crime Investigation Department director Datuk Rusdi Mohd Isa said tactics uncovered included fake companies (clone firms), promises of quick high returns, Ponzi schemes, love scams, and bogus crypto platforms.

He said syndicates lure victims via Facebook and Instagram, switch to WhatsApp or Telegram, then add them to fake investment groups run by supposed “professional traders.”

“Victims see profits on fake platforms but can’t withdraw funds, and are then asked to pay extra processing fees, taxes or other charges,” he told Bernama.

He said alongside social media and messaging apps, trends now show growing use of crypto like USDT (Tether), with victims told to send funds to syndicate digital wallets via illicit platforms.

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“In Ponzi schemes, initial profits come from new investors’ money, until no more join and it all collapses,” he said.

Rusdi said non-existent investment cases rose sharply from 2024 to March this year, with 6,337 cases causing RM848.6 million losses in 2024, surging to 9,603 cases and RM1.47 billion in 2025.

“Between January and March this year, police recorded 2,204 cases with losses of RM246.7 million, proof this crime is ongoing and worrying,” he said, adding that stock investments topped the number of cases, followed by crypto and gold, showing the syndicate’s trend of exploiting popular investment options.

“Victim profiles show those aged 31 to 50 are most affected, especially the 41-50 group.

“This is followed by ages 51-60 and 21-30, showing working-age groups active in finance and investments are most vulnerable,” he said.

Rusdi said private sector workers ranked highest among victims, followed by civil servants and the self-employed.

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He also urged the public not to be easily swayed by investment offers promising high returns in a short time, and to conduct checks before investing.

“Members of the public are also reminded not to make any payments to suspicious accounts, including those belonging to unregistered individuals,” he added. — BERNAMA