Malaysian government authorities have recently embarked on a series of crackdowns on cyber scams, blocking access to six illegal investment websites and raiding the offices of an Internet firm in Kuala Lumpur, the nation’s capital.
The local daily STAR recently reported that the Securities Commission (SC) had identified six websites under close scrutiny: www.abbfund.com or www.abfund.us, www.cfdventure.com, www.swedenfund.com, www.uebond.com, www.esuissefund.com or www.efmf.com.pa and www.ecashfinance.com.
To further address and eliminate this alarming “syndrome”, SC will work with Bank Negara, the Malaysian Communications Multimedia Commission and CyberSecurity Malaysia to track, identify and block access to websites promoting investment scams. Stringent measures will be enforced to fight illegal investment activities, including enforcement actions against operators and agents of illegal investment websites. This large-scale operation will consequently result in more scam websites being blocked. So far, the SC has identified some sixty websites that are involved in illegal cyber investments.
This “money making phenomena” has recently rocked the nation where thousands of Malaysians were believed to have lost several million ringgit in an “investment” scheme known as buy-e-barrel, which closed down abruptly. The scheme offered daily interest of between 2% and 3% for an investment of between US$100 (RM345) and US$2,000 (RM6,900).
Last year, certain prominent personalities and “Datuks” were placed under remand to assist in investigations into a get-rich-quick scheme that allegedly promised enormous returns for a minimum investment.
The alleged scam, aptly referred to as “SwissCash” claimed that investors’ funds were “diverted” to business concerns, ranging from oil exploration to shipping and agriculture in the Caribbean.
Investors were required to pay a registration fee of US$30 (RM103.50) to join the scheme, which allegedly offered huge returns for a minimum investment of US$100.
Investors who are still participating in such illegal ventures have been reminded to pull out their investments and cease their accounts immediately as they would not be able to access their accounts once the websites are blocked.