KUALA LUMPUR: Investment frauds involving non-existent schemes continue to rise, leading to losses which have surged by 80 per cent to RM848.6 million.
In comparison, the losses in 2023 totalled just RM472.1 million.
"Non-existent investment fraud is a particularly concerning category of fraud.
"Not only does it show an increasing trend in cases, but the recorded financial losses also require serious attention," said Federal Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf.
Throughout 2024, a total of 6,337 non-existent investment cases were recorded, an increase of 18 per cent.
"Investment fraud syndicates are leveraging advanced technology to deceive victims," he said, adding that Telegram was the most-used platform, accounting for 31 per cent of cases.
This was followed by Facebook (26 per cent), WhatsApp (25 per cent), in-person meetings (seven per cent), Instagram (three per cent), and other platforms (seven per cent).
Ramli said syndicates are increasingly using fake companies or businesses as mule accounts to transfer funds.
"This tactic enables syndicates to collect larger amounts before being detected by financial institutions," he added.
In response, CCID launched the upgraded Semakmule 2.0 portal on March 3 last year.
"Through Semakmule 2.0, the public can check company names suspected of being used as mule accounts," Ramli said, noting that 836 companies and businesses are currently listed.
Looking ahead to 2025, Ramli highlighted the need for stricter controls to prevent the creation of mule accounts.
"Collaboration with the Companies Commission of Malaysia (CCM) is essential to tighten registration procedures and prevent further misuse of company names," he said.
Earlier today, Ramli said that commercial crime cases have led to a total loss of RM3.11 billion in 2024, with fraud topping the list by a significant margin.
He said the department had opened 37,240 investigation papers for fraud alone, resulting in losses of RM2.45 billion.