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SSM received 591 complaints regarding investment fraud, says its chairman

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SSM News

Complaints,Investment Fraud,Interest Schemes Act

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SEREMBAN: The Companies Commission of Malaysia received 591 complaints related to companies offering fraudulent investments and under the Interest Schemes Act 2016, for the period 2022 until last July.

"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. He said in addition to fraud investment, the commission also received complaints about welfare fund donation schemes.

He added that 123,570 businesses were registered under the Free Business Registration Scheme 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.

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