SEREMBAN: The Companies Commission of Malaysia (SSM) received 591 complaints related to companies offering fraudulent investments and under the Interest Schemes Act 2016, for the period 2022 until last July.
SSM chairman Ahmad Sabki Yusof said the statistics are high and the numbers recorded shows that it is a serious problem in the country and needs to be dealt with in an integrated manner.
“A total of 28 investment frauds and three cases of Interest Scheme Act 2016 fraud were recorded in 2022 and it rose sharply to 320 cases last year involving investment fraud while the Interest Schemes Act 2016 was (46).
“As of last July, 190 cases of investment fraud were recorded and four cases of fraud in Interest Scheme 2016,” he told reporters after officiating the 2024 Negeri Sembilan Level Entrepreneurship Mentoring Program, here today.
He said in addition to fraud investment, the commission also received complaints about welfare fund donation schemes.
Ahmad Sabki said SSM always works closely with the National Financial Crime Prevention Center (NFCC) ) to curb the issue of investment fraud that is becoming more prevalent.
He added that 123,570 businesses were registered under the Free Business Registration Scheme (SPPP) since it was introduced in 2021 and from the total, 57,953 involved IPT students and the remaining number involved entrepreneurs from the B40 group.
“Through this scheme, they will be given a fee exemption of up to RM70 when registering, it is part of our efforts to encourage people to venture into the field of business and entrepreneurship.
He said his commission still has a grant fund of RM3 million that can be benefited by 36,000 traders to register their businesses for free.
At the program, SSM presented Wakalah Corporate Zakat donations amounting to RM45,000 and RM20,000 through Corporate Social Responsibility (CSR) donations to surau, schools, childcare centers, and asnaf entrepreneurs in the state.
