SC Receives 8,501 Cases In 2024 Including Unlicensed Activities, Scams

KUALA LUMPUR, March 20 (Bernama) -- The Securities Commission Malaysia (SC) has received a total of 8,501 cases in 2024, comprising 3,910 complaints and 4,591 enquiries, representing a 60 per cent increase from 2023 of 5,318 cases.

In its Annual Report 2024, the SC said that the increase was mainly driven by unlicensed activities and scams, which accounted for 51.4 per cent and 62.2 per cent, respectively, of the total complaints and enquiries received.

“Complaints and enquiries on scams and unlicensed activities have been consistently rising, with a 337 per cent increase from 2019 to 2024,” it said.

However, the commission noted that while the overall rise appears alarming, it is encouraging that more people are reporting scams and unlicensed activities without falling victim before approaching the SC.

“Through complaints and enquiries received, the SC gained insights into the prevailing trends and emerging modus operandi. This, in turn, allowed the SC to take the necessary interventions swiftly to curb illegal activity and prevent more people from falling victim,” said the SC.

Meanwhile, as of Dec 31, 2024, there were a total of 62 active investigation cases, according to the commission.

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The SC stated that, in line with its mandate to protect investors, it continued to allocate significant resources in 2024 to investigate cases involving securities fraud, corporate misconduct, unlicensed activities, and disclosure violations, which made up two-thirds of its investigation cases.

“In 2024, the SC investigating officers recorded statements from 373 individuals, with over half obtained from investors/account holders, professionals such as investment bankers, auditors, and lawyers, as well as employees, directors, and senior management of public-listed companies.

“This reflects the SC's active investigations targeting securities fraud and corporate misconduct offences,” it added.

Additionally, the SC also conducted a series of raids across 14 locations nationwide to gather documentary evidence for ongoing investigations.

According to SC, these operations were met with substantial cooperation from the individuals and companies involved.

-- BERNAMA