Many still falling prey to investment scams

PETALING JAYA: Despite numerous reminders from the authorities, many people and even educated professionals are still falling prey to investment scams.

Kuala Lumpur Crime Prevention Practitioners Association chairman Bok Siew Mun (pic) expressed his concerns over this development which is happening almost every other day with scammers laughing all the way to the bank.

“Just last month, a trader in Ipoh was cheated of RM6.2mil in a nonexistent investment scheme while an elderly woman reportedly lost more than RM10mil after falling victim to a fraudulent cryptocurrency investment scheme.

“It is so sickening to see these scammers having a field day, taking advantage of the people and robbing them of their life savings,” he said when contacted.

Bok said in addition, phone scammers, some posing as National Scam Response Centre official and police officer, also ripped off some RM3.83mil of retirement money, fixed savings, trust accounts and gold mortgages belonging to senior citizens.

“It is sad and pitiful. How are they going to spend their remaining twilight years without any cash left in the bank?

“We hope the police can arrest and take stern action against these heartless scammers including mule account owners that crime doesn’t pay,” he said.

He said following the sluggish economy post-Covid-19, economic pressure and rising cost of living, many were hoping to make some extra money through investments.

However, Bok said they were not knowledgeable about how and where to invest and as a result, easily fell prey to sweet talkers who promised them high returns within a short period of time.

“I urge the people not to be taken in by such persuasion as if something sounds too good to be true, it is highly likely to be a scam,” he said, adding the public should discard the notion that “it would never happen to me”.

According to the Bukit Aman Commercial Crime Investigation Department (CCID), a total of 14,488 cheating cases involving investments were reported over a five-year period from 2019 to 2023, resulting in losses amounting to RM1.34bil.

Federal CCID director Datuk Seri Ramli Mohamed Yoosuf said following the increase in the number of cases, police had formed a collaboration with the Securities Commission to combat such crimes.