KUALA TERENGGANU, March 17 Mac — 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 (CCID) 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,” Ramli said.
He cited a recent case in which a 74-year-old 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 is purely a scam. Yet, people still fall for it,” Ramli told the press after visiting the Kuala Terengganu district police headquarters today.
He added that 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,’ Ramli said.
Legitimate authorities, including 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 do not fall for these scams, You could end up losing millions,” he said.
Commercial crimes continue to rise annually and attributed the surge to rapid technological advancements, with Ramli noting that many of these crimes are cyber-enable or cyber-dependent, making them more sophisticated than conventional physical crimes.
Commercial crime is also more prevalent in highly populated states like Selangor, Kuala Lumpur, and Penang, where most operations are conducted from rented or purchased luxury condominiums.
He said that the CCID carried out 23,000 quality arrests involving syndicates last year, describing it as a significant achievement by the department.
— Bernama
