KUALA LUMPUR: Cases of "syariah-compliant investment" scams are on the rise and result in RM11.29mil in losses this year, says Comm Datuk Seri Ramli Mohamed Yoosuf.
The Bukit Aman Commercial Crime Investigation Department director said as of Aug 11, a total of 216 cases were recorded.
"We have alerted the public on this matter in June but more people are falling victims to these investment scams.
"We are currently investigating and efforts to track down the syndicates are ongoing," he said in a statement on Sunday (Aug 13).
Comm Ramli reminded the public to not fall for promotions of such investments, which featured famous figures and promising profits that are too lucrative.
"Verify the legitimacy of any investment scheme by checking with the relevant government agencies.
"Get advice and information from official sources such as the National Scam Response Centre via the 997 hotline, Semak Mule portal, Bank Negara and Securities Commission's Alert List before deciding to investment in any schemes," he added.
In June, police detected advertisements on "Syariah-compliant investment" scams on various social media platforms.
Based on the advertisements, the schemes promised returns of up to 50 times the investment value.
They also claimed that profits would be paid as early as three hours after the initial investment was made.
The advertisements also used pictures of celebrities, well known preachers and politicians to attract investors.
However, investigations revealed that these individuals were not involved in the schemes and never allowed anyone to use their images.
