Zahrah was speaking to reporters after the Youngpreneurs Go Carnival (YPGO) at Universiti Teknologi Nasional (UNITEN) Muadzam Shah which was opened by Domestic Trade, Cooperatives and Consumerism secretary general Datuk Seri Jamil Salleh, here today, (Pix by FARIZUL HAFIZ AWANG)

ROMPIN: The Companies Commission of Malaysia (SSM) has identified 10 illegal investment schemes operating in the country with losses amounting to RM1.14 billion, between 2015 and last year.

SSM Chief Executive Officer, Datuk Zahrah Abd Wahab Fenner said the information was derived from enforcement activities conducted by the commission with other enforcement agencies.

In addition she said they also received complaints from 758,851 individuals who were victims of illegal investment scheme in the three year period.

Zahrah adds that during the three year period also a total of 227 complaints was also received by SSM in relation to illegal investment scheme cases.

“We had detected 10 types of illegal schemes being operated, involving e-Money investments, which is an investment without products and has resulted in the highest loss of RM700 million.

“In addition, foreign exchange (forex) investment schemes, solar bonds, Date farms, Chilli plants, wireless wifi, coconut based investments, vacation packages and business models had also been detected looking for potential victims in the country,” she said.

Zahrah was speaking to reporters after the Youngpreneurs Go Carnival (YPGO) at Universiti Teknologi Nasional (UNITEN) Muadzam Shah which was opened by Domestic Trade, Cooperatives and Consumerism secretary general Datuk Seri Jamil Salleh, here today

Also present was UNITEN Vice-Chamcellor, Prof Datuk Dr Ir Kamal Nasharuddin Mustapha.

She said the illegal investment schemes has received serious attention from the KPDNKK ministry and SSM to prevent the crime further spreading.

Zahrah said to create awareness on the matter, SSM had launched several awareness campaigns such as Scam Awareness Campaign or atau #scamalert2018.

"This campaign is being implemented as part of SSM's initiative to curb illegal investments from becoming more widespread among the people and this includes the Umrah scam.

"We urge the public to be alert and lodge complaints directly to SSM if there is any doubt about schemes offered by any parties to them,” she said adding that if investors are unsure, they should check with authorities such as Bank Negara Malaysia and the police.

Zahrah said at present, only 205 investment schemes of various types were registered with the SSM.

“Cases like these (scams) have a negative impact on the economy, resulting in losses of millions of ringgit.

The YPGO carnival aims to increase awareness among the younger generation of the importance and advantages of registering their businesses and to encourage more of them to be involved in business.

Various activities have been lined up for the two-day carnival which began yesterday including an entrepreneurship seminar, online dialogue sessions with celebrities and entrepreneurs, exhibitions and student booths.

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