Malaysia Sees Surge in Investment Scams with RM1.47 Billion in Losses

The number of investment scams in Malaysia has been on the rise, with RM1.47 billion in losses reported last year alone. The Royal Malaysian Police's Commercial Crime Investigation Department (CCID) identified five primary methods used by syndicates to deceive victims.

The CCID director, Datuk Rusdi Mohd Isa, revealed that these tactics include fake companies and clone firms, promises of quick high returns, Ponzi schemes, love scams, and bogus crypto platforms. These methods often use social media as the primary channel for luring in victims, with Facebook and Instagram being popular platforms used by syndicates.

The CCID director also noted that there has been a growing trend of using crypto like USDT (Tether) to deceive victims. In these cases, individuals are told to send funds to digital wallets via illicit platforms.