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“More Than 20,000 Malaysians Lose Millions of Ringgits Due to Scams”

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"More Than 20,000 Malaysians Lose Millions of Ringgits Due to Scams", CCID Director Says - World Of Buzz 3
Featured image source: AFP
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It is human nature to be greedy, especially when it comes to money issues. After all, who doesn’t want to be a millionaire and live in the lap of luxury?

That’s why we often work some other side jobs to supplement our income and try to search for passive income streams such as investments.

"More Than 20,000 Malaysians Lose Millions of Ringgits Due to Scams", CCID Director Says - World Of Buzz

Source: The Star

But Commercial Crime Investigation Department (CCID) director, Datuk Acryl Sani Abdullah Sani warns the public against simply sinking their savings into investments that seem too good to be true, Oriental Daily reported.

He says, “Last year, there were around 20,000 people who got cheated by investing in the illegal Money Game. But only 100 people came forward to lodge a police report. Millions of ringgit were swindled.”

These illegal companies claim that you can get rich quickly or get high returns but they do not actually have any real products or operating business, instead they rely on luring in unsuspecting investors and uses their money to roll the business. 

“There is no free lunch in this world, these money games promise a lucrative return and aggressively recruits more members so that they will have more money to keep up the pretense of a legitimate business. But these illegal companies may run away anytime, and you will be the one losing all your hard-earned savings.”

– Datuk Acryl Sani

He warns the public to always keep their guard up and be wary of other popular scams, such as online shopping fraud, frozen bank account calls and love scams. “Always be vigilant and do not simply give your personal information out, especially your bank account information. These conmen prey on your fear and will take advantage of it,” he added.

"More Than 20,000 Malaysians Lose Millions of Ringgits Due to Scams", CCID Director Says - World Of Buzz 1

Source: FMT

A recent foreign exchange investment scam, VenusFX caused 23,259 people to lose as much as RM80 million as it calls for investors to put money into a non-existent foreign investment scheme. The police received as many as 408 reports in March this year regarding VenusFX.

Don’t be so trusting, people! Otherwise you may end up losing your life savings!

Also read: New Cupcake ‘Scam’ Involves Guy Trying To Sell Cupcakes But Cries If Rejected

Cupcake Syndicate Exploits Public's Generosity To Make Money - World Of Buzz 1

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