Kuala Terengganu: Cryptocurrency investment fraud is the latest trend in commercial crime, with professionals and senior citizens increasingly falling victim to these scams, said Bukit Aman Commercial Crime Investigation Department (JSJK) Director Datuk Seri Ramli Mohamed Yoosuf. He said senior citizens, especially those aged 60 and above, should be cautious and not rush into cryptocurrency investments.
According to BERNAMA News Agency, Ramli emphasized that some individuals use their life savings and even borrow money to invest, lured by the promise of high returns. He cited a recent case where a 74-year-old individual lost tens of millions of ringgit after being deceived by a scam. Ramli explained that people are misled into believing that purchasing multiple cryptocurrency coins, each potentially worth RM400,000, would yield significant returns. However, in reality, no investment is made, and it is purely a scam.
Ramli also highlighted that phone scams are the second most common form of commercial crime, often targeting senior citizens. Victims not only suffer financial losses but can also experience significant mental distress from phone calls that last just minutes. He clarified that legitimate authorities such as the Royal Malaysia Police, the Inland Revenue Board, and Bank Negara Malaysia do not operate through continuous, multi-step phone calls as scam syndicates do.
He reminded the public that there is no legitimate call that starts with a courier company and then connects to the police, the bank, and the audit department all in one conversation. Despite this, people still fall for such scams, risking losing millions. He urged law-abiding citizens not to be afraid and not to fall for these scams.
Commercial crimes continue to rise annually, which Ramli attributes to rapid technological advancements. Many of these crimes are cyber-enabled or cyber-dependent, making them more sophisticated than conventional physical crimes. He noted that commercial crimes are more prevalent in highly populated states such as Selangor, Kuala Lumpur, and Penang, with operations often conducted from rented or purchased luxury condominiums.
The JSJK carried out 23,000 quality arrests involving syndicates last year, which Ramli described as a significant achievement by the department.