As many as 947,301 people have been duped by fraudulent investment syndicates, resulting in losses amounting to more than RM3.8 billion from early January till November this year.

According to Bukit Aman Commercial Crime Investigation Department director Amar Singh Ishar Singh, most of the victims were taken in by promises of high returns for their investments.

He said the number of cases this year increased compared to the same period last year, with 190,750 victims and losses amounting to RM845,000.

"The fraud cases detected by the police were for commodity investment, trading, gold, foreign exchange, shares and tenders,” he said in a press conference here today.

"We want to advise the public not to be easily duped by offers of unverified investments, “he said, adding that investments in shares, gold and bitcoin were the most reported.

He said the public should not be tricked by investments which promised huge returns within a short period of time, and that they should check with Bank Negara Malaysia to find out the status of an investment company to see if it has been blacklisted.

He also advised people to stay away from shady investment schemes which promised unreasonable returns or did not meet certain requirements.

- Bernama