All investment schemes on social media are scams, says Bukit Aman CCID director

KUALA LUMPUR: All investment schemes offered on social media platforms are scams, says Comm Datuk Seri Ramli Mohamed Yoosuf.

The Bukit Aman Commercial Crime Investigation Department (CCID) director said he is disheartened that there are still victims being duped by scam syndicates despite repeated warnings given.

“It is even more unfortunate that the majority of investment scam victims are often late in lodging police reports after they were duped by the scammers.

“It is a common occurrence where victims did not remember correctly where exactly they saw the advertisements on such investment offers on social media,” he said when contacted Wednesday (Nov 6).

Comm Ramli said the CCID is continuously cooperating with the Malaysian Communication and Multimedia Commission (MCMC) in taking action under Section 263(2) of the Communication and Multimedia Act 1998.

“It is in connection with blocking investment advertisements on social media, often used by scammers to search for victims,” he said.

He was responding to an NGO that had urged the authorities to take stern action to curb scams.

Comm Ramli advised the public to always check on various sites before deciding to invest in any schemes.

“Among the sites are SC Investor Alert List, SC Investment Checker, BNM Financial Consumer Alert List, SSM List of Registered Scheme and CCID Semak Mule.

“The public can also check the background of a company or business via the MyData-SSM portal.

Between January and September, a total of 4,355 investment scams were reported,

Some 82% of the cases involved advertisements or investment offers on social media.