CRYPTOCURRENCY investment fraud is becoming a growing trend in commercial crime, with both professionals and senior citizens increasingly falling victim to these scams, warned Datuk Seri Ramli Mohamed Yoosuf, Director of Bukit Aman’s Commercial Crime Investigation Department (JSJK).
Ramli emphasised that particularly senior citizens, especially those aged 60 and above, should exercise caution and resist the temptation to rush into cryptocurrency investments, which promise high returns but often lead to significant losses.
“Some individuals are using their life savings, and even borrowing money, to invest, all because they are lured by the promise of quick, high returns,” he said.
He cited a recent case in which a 74-year-old man lost tens of millions of ringgit after being duped by a scam involving cryptocurrency investments.
"Some victims believe that by purchasing a few coins that are worth up to RM400,000 each, they will receive greater returns. However, the reality is that no actual investment takes place; it’s purely a scam. Yet, many people continue to fall for it," Ramli explained, speaking to the media after visiting the Kuala Terengganu District Police Headquarters.
Ramli added phone scams as the second most common form of commercial crime, often targeting the elderly. These scams not only lead to financial losses but also cause significant emotional distress to the victims.
"These scams can occur in just a few minutes over the phone, and they leave lasting effects on the victims. The perpetrators use psychological manipulation to pressure individuals into handing over their money," he added.
He reassured the public that legitimate authorities such as the Royal Malaysia Police, the Inland Revenue Board (LHDN), and Bank Negara Malaysia never operate by conducting lengthy, multi-step phone calls as scammers do.
"There is no such thing as a legitimate call where a courier company connects to the police, the bank, and the audit department, all in one conversation. Yet, people still fall for these schemes," Ramli cautioned. "As responsible citizens, we must remain vigilant and not fear these scammers. Falling for these tricks could result in devastating losses."
Ramli also noted that commercial crimes are on the rise each year, largely due to rapid technological advancements. Many of these crimes are cyber-enabled or cyber-dependent, making them more sophisticated and difficult to detect than traditional physical crimes.
"Commercial crimes are particularly prevalent in densely populated states like Selangor, Kuala Lumpur, and Penang, where many operations are conducted from rented or purchased luxury condominiums," he said.
In 2024, the JSJK successfully conducted 23,000 high-quality arrests involving criminal syndicates, a significant achievement in the department's ongoing efforts to combat commercial crime.
“While we continue to face challenges, the department remains dedicated to addressing the growing problem of scams and frauds. Our priority is to safeguard the public and hold criminals accountable,” Ramli said. – March 17, 2025
