RM1.135 bln losses due to illegal investments

ROMPIN: A total of RM1.135 billion in losses incurred by 758,851 people have been recorded in the country since 2015 resulting from illegal investments.

Secretary-general of the Ministry of Domestic Trade, Cooperatives and Consumerism (KPDNKK) Datuk Seri 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 by the public which have been increasing lately, including umrah (minor haj) trips.

“Among the scams which recorded the highest numbers were offers of e-money investment (without products) with losses amounting to RM700 million, offers of unlicensed foreign exchange investments and other illegal investments totalling RM200 million as well as investments in foreign exchange and animal husbandry amounting to RM130 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.

Also present were UNITEN vicechancellor Prof Datuk Dr Kamal Nasharuddin Mustapha and SSM Chief Executive Officer Datuk Zahrah Abd Wahab Fenner.

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

“Cases like 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 about the illegal schemes and educate them about investing in legitimate ones,” she said.

About 1,500 tertiary students participated in the carnival which was organised by companies under the the ministry this year.

The YPGO carnival aims to increase awareness among the younger generation of the importance and advantages of registering their businesses and to encourage more of them to be involved in business.

Various activities have been lined up for the two-day carnival which began on Monday including an entrepreneurship seminar, online dialogue sessions with celebrities and entrepreneurs, exhibitions and student booths.