PETALING JAYA: Investment fraud schemes are becoming more prevalent, with a sharp rise recorded last year, reflecting a serious problem in the country, the chairman of the companies commission said today.
Ahmad Sabki Yusof said 591 complaints about companies offering fraudulent investment and interest schemes were received since 2022, Bernama reported.
The commission had also received complaints about welfare fund donation schemes, he said.
He said that in 2022, there were 28 investment fraud schemes and three interest schemes. The numbers rose sharply to 320 cases of investment fraud and 46 cases of interest schemes last year.
As of July this year, there were 190 cases of investment fraud and four cases of fraudulent interest schemes, he said in Seremban after opening an entrepreneurship event.
Sabki said the Companies Commission of Malaysia (SSM) worked closely with the national financial crime prevention centre to curb investment fraud.