Bukit Aman Commercial Crime Investigation Department (JSJK) Director, Datuk Seri Ramli Mohamed Yoosuf, has issued a warning about the rising risks of crypto investment scams.

On March 17, he cautioned older investors, especially those aged 60 and above, to show extreme caution during digital asset investments.

output: In a stark warning against the burgeoning risks of crypto investment scams, Bukit Aman Commercial Crime Investigation Department (JSJK) Director Datuk Seri Ramli Mohamed Yoosuf has urged older investors, particularly those aged 60 and above, to exercise extreme caution during digital asset investments.

His comments, reported by Bernama, come amidst a concerning trend of senior citizens falling victim to fraudulent cryptocurrency investments where criminals promise excessive profits.

Ramli highlighted that cryptocurrency scams are currently being reported frequently among commercial crimes. He explained that professional workers, along with senior citizens, are the preferred targets of Internet scammers who deceive victims into investing their savings and loans for the purpose of gaining large profits. However, in many cases, the so-called investment opportunities in which people invest their capital turn out to be fraudulent schemes.

He further noted that a 74-year-old investor lost several million ringgit after falling victim to deceptive practices.

Ramli explained that in cryptocurrency purchases, there are no returns to be seen as victims fall victim to fraudulent schemes. He emphasized that scammers do not invest any money from their own pockets and victims' capital, which is deposited in full, is lost.

The public is advised to be aware of phone scams which pose a significant threat, along with cryptocurrency scams.

The scammers usually claim to be government officers, such as police officers, financial institution staff, or tax officials, and persuade victims to transfer their funds. The scam begins with a courier company making a fake call, followed by several other fake agencies joining the same conversation.

However, Ramli stressed that any investigation carried out by real government agencies, including the Royal Malaysia Police, Bank Negara Malaysia, and Inland Revenue Board, will be done within a single telephone call. He urged the public to be vigilant and wary of any suspicious tactics that aim to deceive them.

He observed that the increase in commercial crimes each year is linked to the ongoing advancement of technology. Today's scams use advanced technology in their cyber-enabled and cyber-dependent approaches, displaying greater sophistication compared to classic crimes.

Commercial crimes are more prevalent in densely populated states such as Selangor, Kuala Lumpur, and Penang, while fewer cases are reported in less populated states.

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