DO NOT RUSH INTO CRYPTOCURRENCY INVESTMENTS - POLICE

KUALA TERENGGANU, March 17 Mac (Bernama) --  Cryptocurrency investment fraud is the latest trend in commercial crime, with professionals and senior citizens increasingly falling victim to these scams, said Bukit Aman Commercial Crime Investigation Department (JSJK) Director Datuk Seri Ramli Mohamed Yoosuf.

He said senior citizens, especially those aged 60 and above, should be cautious and not rush into cryptocurrency investments.

“Some use life savings and even borrow money to invest because they are attracted to the promise of high returns,” he said.

He cited a recent case where a 74-year-old individual lost tens of millions of ringgit after being deceived by a scam.

“Some believe that since a single cryptocurrency coin can be worth RM400,000, buying three or four would yield greater returns. However, in reality, no investment is made, it’s purely a scam. Yet, people still fall for it,” he told reporters after visiting the Kuala Terengganu District Police Headquarters, here today.

Ramli said phone scams are the second most common commercial crime, often targeting senior citizens.

“Victims not only suffer financial losses but can also experience significant mental distress- all from a phone call lasting just minutes,’ he added.

He said legitimate authorities such as the Royal Malaysia Police, the Inland Revenue Board and Bank Negara Malaysia do not operate through continuous, multi-step phone calls as scam syndicates do.

“Let me remind everyone - there is no such thing as a call that starts with a courier company, then connects to the police, the bank and the audit department , all in one conversation. yet, people still believe.

“As law-abiding citizens, do not be afraid and don’t fall for these scams, You could end up losing millions,” he said.

He said commercial crimes continue to rise annually and attributed the surge to rapid technological advancements, noting that many of these crimes are cyber-enable or cyber-dependent, making them more sophisticated than conventional physical crimes.

He said that commercial crime are also more prevalent in highly populated states such as Selangor, Kuala Lumpur and Penang, with most operations conducted from rented or purchased luxury condominiums.

The JSJK carried out 23,000 quality arrests involving syndicates last year, he said, describing it as a significant achievement by the department.

-- BERNAMA