RM1.1B

RM 1.1 BILLIONS LOST DUE TO ILLEGAL INVESTMENTS OVER 3 YEARS

Mar 2018

A total of RM1.135 billion in losses were incurred by 758,851 people in the country since 2015 as a result of illegal investments.

Domestic Trade, Cooperatives and Consumerism Ministry secretary-general Jamil Salleh said the ministry viewed this matter seriously and was looking into ways to tackle the issue, including through the Scam Alert Campaign or #scamalert2018.

“This campaign is an initiative by the Companies Commission of Malaysia (SSM) to curb illegal investments which have been increasing lately, including pertaining to umrah (minor haj) trips.”

Among these scams were e-money investments, with losses amounting to RM700 million, and unlicensed foreign exchange investments, with losses totalling RM200 million.

“We urge the public to be more alert and lodge a complaint with SSM if they have their suspicions about schemes which are offered to them,” he said after launching the Youngpreneurs Go Carnival (YPGO) at Universiti Teknologi Nasional (Uniten) Muadzam Shah, Rompin.

Present were Uniten vice-chancellor Kamal Nasharuddin Mustapha and SSM chief executive officer Zahrah Abd Wahab Fenner.

Zahrah said at present, only 205 investment schemes of various types were registered with the SSM.

“These scams have a negative impact on the economy, resulting in losses of millions of ringgit.

“SSM hopes that the campaign will increase the public’s knowledge of illegal schemes and educate them about investing in legitimate ones,” she said.

 

InvestSmart