MALAYSIA has experienced a significant rise in commercial crime, with losses reaching RM3.1 billion in 2024, marking a stark increase from RM2.1 billion in 2023 and RM1.7 billion in 2022.
A total of 41,701 criminal investigation papers were opened last year, highlighting a concerning trend in fraudulent activities across the nation.
Bukit Aman Commercial Crime Investigation Department (JSJK) Director Datuk Seri Ramli Mohamed Yoosuf revealed that a large portion of these losses was attributed to non-existent investments, with nearly RM850 million lost in such scams alone last year.
"This represents a significant increase in losses, and the majority of them were due to fraudulent investments that did not exist. Last year alone, we saw almost RM850 million in losses from these types of scams," he said.
Ramli added, so far in 2024, losses from cryptocurrency-related scams alone have exceeded RM123 million, with non-existent cryptocurrency investments being a major contributor to this surge in financial losses.
"As of this year, more than RM123 million in losses have been reported due to non-existent cryptocurrency investments," he added during a press briefing following the opening of the new Kuala Terengganu District Police Headquarters.
In addition to investment scams, online fraud continues to rise. Ramli reported that, in the first 10 weeks of 2024, a total of 4,353 online fraud cases were recorded, resulting in a financial loss of RM191.29 million.
The losses from fraudulent investments alone totalled RM123.64 million, followed by phone scams at RM48.17 million, e-commerce fraud at RM6.05 million, e-finance fraud at RM4.92 million, and non-existent loans at RM3.64 million.
The number of online fraud cases has continued to climb year on year. In 2022, there were 25,479 cases, which increased to 34,495 cases in 2023, and this year, the total has risen further to 35,368 cases.
The Police has been ramping up efforts to combat these crimes. Last year alone, 23,000 individuals believed to be involved in fraud syndicates were arrested across the country.
"The PDRM is actively working to tackle these crimes, and we will continue our efforts to combat syndicates involved in fraud across Malaysia," Ramli concluded. – March 17, 2025
