Scam Center Operating In Malaysia

Ten people including five British and two Philippine nationals have been arrested by the Malaysian Anti-Corruption Commission (MACC) in connection with an investment scam syndicate which had cheated its victims of about A$60 million (about RM200 million).

The sources said they were arrested in the ‘Op Tropicana’ operation yesterday when the MACC’s Anti-Money Laundering Division raided 24 locations in Kuala Lumpur and Penang. The scammers’ victims were said to be Australians and British nationals who had been deceived into making investments in non-existent schemes.

The syndicate, led by its British masterminds, was said to have been operating since 2019 and was also involved in money-laundering activities and corruption. The raided premises included three boiler rooms, two in Kuala Lumpur and one in Penang. The modus operandi of the syndicate was to look for victims through social media and telephone calls. The syndicate is also suspected to have bribed certain authorities to protect its members and facilitate the operation of its boiler rooms in the country.

The suspects, aged between 39 and 59, had been remanded for six days. The suspects, handcuffed and dressed in MACC’s orange lock-up attire, were taken to the Putrajaya Magistrate’s Court at 2.23pm under escort by the Immigration Department’s Special Tactical Team (Pastak).

FWD Bought Gibraltar BSN Life

Hong Kong-based FWD Group Holdings Ltd says it will enter the Malaysian life insurance market following the signing of an agreement to invest in a majority stake in Gibraltar BSN Life Bhd. The transaction was expected to close in the second quarter of this year. 

FWD said the group and other investors would together hold an effective 70 per cent stake in Gibraltar BSN. The stake was sold by The Prudential Insurance Company of America, a wholly-owned subsidiary of US-based NYSE-listed Prudential Financial Inc. Bank Simpanan Nasional (BSN) will continue to hold the remaining 30 per cent stake in Gibraltar BSN.

FWD entered the Malaysian market in March 2019 as a provider of family takaful products including term life, critical illness, cancer, hospital cash benefit and medical protection.

Pay Peanuts - Get Monkey

The lack of meritocracy in the workplace is among the top three reasons why Malaysians are choosing to migrate and work abroad, says a deputy minister, Mustapha Sakmud. This is part of the “social injustice” in the workplace, with professionals apparently frustrated by the need to use connections for career progression.

Better career prospects and remuneration were the other two reasons why Malaysians were seeking to work abroad. Developed countries have better laws that protect their workers’ rights from any discrimination, and also provide better salaries.

They are based on meritocracy, unlike in our ecosystem, which is sometimes based on connections or who you know. Low wages in Malaysia were driving people to migrate, pointing out that an engineer’s salary had not increased by much in the past 30 years. ”

He said Singapore had the highest number of Malaysian workers with nearly one million, followed by Australia, the US, the UK and Canada. Most of them were professionals in sectors like oil and gas, power, financial services and sales.

Data showed that many of those who migrated had trouble finding work in Malaysia. While the trend of Malaysians moving abroad was in decline. The number of Malaysians returning home was “almost non-existent".

Scam Updates Malaysia

A religious teacher lost RM76,170 after being duped by a Macau Scam on Feb 20. A 55-year-old woman received a call from an individual who claimed to be a Touch ‘n Go officer in Kuala Lumpur and accused the victim of having six-month bill arrears.

The victim denied having the payment arrear and the call was later passed to an individual masquerading as a police officer who told she was also involved in drug trafficking and money laundering. The victim then appealed for the warrant to be postponed and revealed her 14-digit account number of all bank cards apart from being ordered to fill in banking information in a link provided.

After filling in the bank information, the woman found five cash withdrawals from the accounts which resulted in losses amounting to RM76,170,” he said in a statement today.

Job- Offer - In another case, a tour agent found more than RM52,443 disappeared after being duped in a fake part-time job offer via WhatsApp which promises a return of RM100 for every assignment carried out last Saturday.

A 34-year-old victim expressed interest, the suspect sent a link to the man to join a Telegram group and was asked to purchase prepaid with the promise of a quick return. The victim then made five cash transactions into different bank accounts before being informed of a profit of 40% and made four more transactions as instructed by the suspect resulting in a loss of RM52,443.

The two victims felt duped then filed police reports at the Temerloh and Jerantut district police headquarters yesterday and the cases were investigated under Section 420 of the Penal Code for cheating.

Meanwhile, Police advises the public not to rent or give personal bank accounts to strangers or friends, as the account owner can be accused in court or may face civil lawsuits.

National Scam Response Centre

Our government has recently launched the National Scam Response Centre (NSRC), to provide aid to the public in the unfortunate event they are scammed.

A joint effort between the National Anti-Financial Crime Centre (NFCC), Bank Negara Malaysia (BNM), the Malaysian Communications and Multimedia Commission (MCMC), the Royal Malaysia Police (RMP), as well as other financial and telecommunication institutions, various resources and experts have created the centre in an effect to deter scams faster and with more efficiency.

Focusing on financial extortion, the NRSC will help individuals who fall prey to numerous kinds of scams, including phishing scams, Macau scams, malware attack scams, package delivery or parcel scams, and even love scams.

Here's everything you need to know about accessing the NSRC if you get scammed:

1. I just noticed a large amount of money is missing from my bank account! What should I do?

If you've discovered suspicious activity within your bank account, call the NSRC hotline at 997 immediately. It is crucial to call 997 as soon as you discover that you've been scammed. This will allow banks to intercept your stolen funds and potentially save thousands of ringgit you have in your accounts. The hotline is available every day, including public holidays, between 8am and 8pm.

2. I discovered my scam outside the 12-hour window for the NSRC hotline, what do I do now?

Call your bank and inform them instead. This can be done through the 24-hour hotline available for all banks in Malaysia. It is important to contact your bank and inform them of the scam even if it occurred more than 24 hours ago. The NSRC's hotline is meant to be an emergency response number, and may not provide fast replies in situations where the fraud took place within an extended period of time. If you have contacted your bank first, you will not need to contact the NSRC afterwards.

3. I'm having issues with accessing my bank account, can I call NSRC instead?

No, you should not call the NSRC, as they are an emergency hotline response number. If there are issues with your bank account (inaccessibility, blocked, etc.), contact your bank and explain the situation to them. If you've been scammed, your bank account may have been blocked due to suspicion of the account being used as a medium for extortion.

Furthermore, any complains or feedback concerning your bank account should be made directly to the bank's complaint unit. If the response you receive is unsatisfactory, you may carry out a further enquiry by reaching out to BNM TELELINK.

4. I've already informed NSRC/my bank, what do I do now?

Lodge a police report. It is important to understand that a formal investigation needs to be opened to look into everything that happened during the scam, even if you've been able to save the amount that was intended to be stolen.

Therefore, it would be most convenient to head to your nearest police station and draft a police report after calling your bank or the NSRC hotline. In any circumstance, you must report the incident to the police, even after informing your bank or NSRC.

5. What information do I need to provide when reporting the scam?

When making a report to the NSRC, your respective bank, or to the police, you should have the following information on hand:

- A chronological order of the events that took place during the scam incident.

- Your personal details (name, contact number, identification card (IC), and bank account number).

- Any details about the scammer (name, contact number, and anything pertinent to the investigation).

- Details of the scammed transaction (time of transaction, amount transferred, bank account number(s), websites shared by scammer, and screenshots of conversations if applicable).

None of these institutions will request sensitive information from you when it comes to personal banking information, which include your account username, password, PIN, TAC, or OTP.

You will be allowed to contact the police investigating officer assigned to your case for an update on your investigation, or check the status of your police report online.

6. I've completed making a police report. Can I contact the NSRC hotline to follow up on my case?

It is important to remember that the NSRC's 997 number is an emergency hotline ONLY, and is not to be used as a call center for follow ups.

As stated above, you may visit the curated website to check on the status on your police report, or call the police investigating officer assigned to your case directly.

Insufficient EPF Retirement Fund

Deputy Finance Minister said said some 8.1 million EPF members had seen their median savings reduced by 50% in 2022 during the Covid-19 pandemic when special withdrawals were allowed. The median savings for all races of EPF contributors went down from RM16,600 in 2016 to RM8,100 in 2022. In the low income EPF contributor category - the median savings reduces to between RM3,300 and RM5,000.

To break it down by race, about seven million Malay EPF members had a median savings of RM16,900 in April 2020, and now they only have an average of RM5,500. Other Bumiputera members, about 1.4 million of them, are now left with an average of RM3,300 in savings only from an average of RM10,600.

Massive EPF Withdrawal - Some RM145bil was withdrawn from the EPF by 8.1 million members during the Covid-19 pandemic.

Last year, 5.3 million members took out RM20.8 billion through the i-Lestari program, 6.6 million members took out RM58.7bil through i-Sinar, 5.2 million members took out RM21.4bil through i-Citra, and 6.6 million members took out RM44.6bil through the EPF’s special withdrawal program. In 2020, there were 4.7 million members with less than RM10,000 in savings.

EPF has 598,268 employers who have contributed to the retirement fund. As at December last year, EPF had 15.72 million members, with slightly more than half of them classified as active members. 

Your Boss Wants To Throw You Under The Bus

If you’ve been working at your current company for a few years and have always had a good rapport with your boss, you’re probably confident in your job security. Until one day, the air in the office changes. Your boss starts taking work away from you, and it feels like you’re deliberately excluded from meetings. Your gut tells you something’s wrong, and you’re wondering if these are signs you’re being pushed out of your job.

Significant number of employees have been fired from their bob before - meaning many of us know what it’s like. And when you feel like your boss wants you out, it often means they’re encouraging you to leave the company on your own. They might be thinking of firing you and hoping you’ll make it easy for them by leaving. These signs are hurtful. They don’t convey confidence in your skill set and abilities or respect from your manager. 

A: What is The Reason To Let You Go - It’s tough to understand why your manager would want to let you go. But understanding the reason behind this sudden change in treatment helps. Economic uncertainty makes labor market turbulent and unpredictable. It might not be your fault you’re being pushed out.

1: Misconduct - Your coworkers deserve to feel safe at work. If you’ve participated in misconduct like sexual harassment or bullying, your manager has a clear reason to fire you. Even a joke that goes too far could get you in trouble. Inappropriate behavior creates a toxic work environment and your boss wouldn’t want that.

2: Poor Performance - Your boss wants to see that you make meaningful contributions and help the company achieve its goals. Your performance review from the past month may reflect that you need to improve, but it could be too late.

3: Layoffs - Your company could be struggling due to market trends or recessions. These struggles may force them to let people go. Layoffs might be temporary or permanent, and they likely don’t reflect poor performance.

4: Insubordination - It’s one thing to offer different ideas and solutions, but disobeying clear instructions doesn’t make you a cherished employee. Refusing to do work and disrespecting those in leadership positions are enough for your boss to let you go.

B: How Do You Know Your Boss Wants To Fire You

You will notice the slightest change in behavior. Subtle and not-so-subtle cues often indicate that your boss wants to fire you. Telltale signs will help with your reaction to the situation. HHere are five signs an employer wants you to quit or that you’re in danger of getting fired:

1: You Are Being Micromanaged - This means your boss hovers over your shoulder and watches your every move. This is often because they don’t trust that you’re capable of accomplishing your tasks properly. Micromanagement might make you feel self-conscious and doubtful of your abilities.

2: Your Work Load Has Been Reduced - Your tasks have been reduced by half. Having responsibilities taken away at work could mean that your team is preparing for your exit. And if you notice other coworkers taking on your responsibilities, that’s a bad sign. This could be a red flag that higher-ups are testing to see if your position is necessary or if they could lay you off to save money.

3: You Are Excluded From Important Meeting - You are excluded from important meeting. Not inviting you to meetings or important conversations could suggest your boss doesn’t want you around. It demonstrates that they don’t value your opinion or ideas on projects or future tasks.

4: You Are Being Ignored - Your coworkers thrive on collaborative work, and the environment has always felt engaging. But when you feel like you’re getting the silent treatment, your team might know you’re on your way out.

5: Your Efforts Aren't Recognized - Your wins should be celebrated and acknowledged. You don’t expect a parade every time you meet a deadline. Without any recognition, you may feel like your boss doesn’t appreciate your energy and effort or that they don’t care about your contributions.

Kutu Sapiza Scam

8 (eight) individuals have been arrested for their suspected involvement in a savings scheme scam involving over RM4 million in losses. Royal Malaysia Police said the individuals comprising six women and two men, aged between 31 and 37, were detained on Jan 27 following raids in four states. Various assets were seized including a luxury vehicle, ATM cards, mobile phones and documents believed to be used for fraudulent activities.

116 police reports lodged nationwide against the scheme known as ‘sapiza ekstra saving’ involving losses amounting to RM4,438,300.00. Preliminary investigations found that the scheme has been active since 2015 by offering savings based on the ‘kutu’ system.

In 2021, the scheme started offering new saving plans of as low as RM250 to RM20,000 for a period of between two and five months. The new plans also promised profits of between 15 per cent and 40 per cent of the total money saved.

However, since October 2022, the scheme operator failed to pay out returns to participants. Police reminded the public to be vigilant and to carry out checks with official sources, including the Semak Mule application, Bank Negara Malaysia’s alert list, and the Securities Commission before signing up for any investment or saving scheme that promised lucrative returns.

Housewife Insurance

Housewives should not be left out of the social protection net as they too are workers contributing to the economy when they manage their households. Social Security Scheme (Socso) implemented the Housewife Social Security Scheme (SKSSR) that are trademarks of an advanced nation that cares for all in the society.

SKSSR - began on Dec 1 last year to protect housewives from domestic accidents and invalidity.To participate in the scheme, a contribution of RM120 to cover a period of 12 months must be paid in advance. Contributions can be made by the husband, housewife, family or any third party for the housewife.

Under the scheme, a housewife is defined as - a woman whether married or unmarried, who manages the household on a full-time or part-time basis, including a wife, mother, divorcee, widow or a single mother.

Vouchers For Discount

More than 100 individuals have lost over RM4.6 million since 2018 after being duped into joining an online rewards scheme that offered 50 per cent discounts through a dubious company that used names of famous people, royalty, former government officers, and religious leaders to attract their victims.

100 Scam Victims - Malaysia International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said so far, about 100 victims have lodged police reports and his team believes there are many more who have fallen victim and thus it will involve bigger losses. The company also offered vouchers or online rewards involving various recognised brands among them Petronas and Shell.

Unbelievable Rewards & Vouchers - This syndicate (company) offers people a type of investment, where it offers them rewards or vouchers that give them savings of up to 50 per cent. Most of the vendors or merchants who are with this company represent those with a good reputation.

Many who participate in this scheme buy these vouchers and think they will get subsidies as well as discounts with these purchases. Some managed to get a petrol subsidy and paid only RM45 for a full tank of petrol that would normally cost RM90. There are also those who bought milk for their children with the 50 per cent savings.

Wallet Disappear - Many consumers to believe in the scheme and to buy vouchers totalling more than RM400,000. However, after many made their purchases, in April last year, the company suddenly closed their application without any reason. All vouchers in their ‘wallet’ disappeared.

Established Company & VIP - The syndicate uses the names of these famous individuals were believed to have been used by this syndicate. One of the victims who wanted to be known as Rafiq from Marang, Terengganu said that he was attracted to the online rewards due to the discounts given as well as due to the assurance given by a preacher.

Many were confident in this e-reward scheme without hesitation as many famous people are in this company. A Victim claimed he uses the scheme to buy household items and tools for home construction because I can save money. But he lost about RM70,000 since joining (the company). 

in addition to claiming in a letter that stated a reputed Japanese bank, MUFG Bank, would invest in the company. MUFG Bank issued a statement that the letter was fake. This was also compounded by a statement by a former (Malaysian) minister who claimed that this company and investments were legal.

Malaysian Community Crime Concern Organisation - MCCC president Tan Sri Musa Hassan said this is a scam and asked the Royal Malaysia Police to investigate as well as take action against those involved.

Investment Scam - Former Financial Banker

A former personal banker was charged on Friday (Feb 10) after he allegedly sold fake investment and financial products to cheat a customer of S$220,000.The Commercial Affairs Department was alerted to a case where Loh Sheng Yang had purportedly deceived a victim into transferring S$220,000 across seven transactions into four bank accounts.

Loh had purportedly induced the victim into making these transfers under the pretext that it would be used for placements in the bank’s fixed deposits or investment in financial products which promised good returns. On Loh's instructions, the victim had made these transfers to the bank accounts belonging to third parties where the monies were never used for placement of products with the bank.

Loh's identity was established through follow-up investigations, and he was arrested. The 29-year-old is believed to be involved in other similar cases of scams. Investigations to identify other victims and the involvement of third parties are ongoing.

If found guilty of cheating, he can be jailed for up to 10 years and fined. The police said they take a serious view against anyone who may be involved in offering fake investment products.

Police advise members of the public are advised against acceding to such requests or instructions from bank officers, especially when the promised returns are too good to be true or if the exclusive offer is said to be expiring soon.

Cleaner With A Rich Heart

Kalipulizan Mansor who has worked as a cleaner at the centre for 15 yearswho has a heart of gold. Kalipulizan gifted two dialysis machines worth RM80,000 as gifts to his workplace at the Hemodialysis Centre in Hospital Tuanku Fauziah in Kangar, Perlis. He could afford the donation after he managed to sell a piece of land he inherited from his late grandparents.

The humble man had noticed that some of the dialysis machines there were having problems. He felt compelled to help especially after seeing how crucial those machines were to the patients. Some of the available machines at the centre are not in the best condition which is why he made up his mind to ‘wakaf’ (endow) these two machines. Another reason for these machines is because of my late grandparents. They were the ones who gifted the land to me and I hope to repay them back by gifting these machines to the centre.

He said that he managed to cut a deal to buy the machines via a technician who works for the dialysis machine company, with each machine costing him around RM40,000.

When asked whether he himself could use the financial help, Kalipulizan answered that he has his day job as a cleaner and the pay is enough to sustain his livelihood. Another advantage of having the machines here is that I can attend to it myself. I would be able to look after it and take care of the machines so it can take care of others.

Envy Global Trading - Fraud

Prosecutors in Singapore filed charges of fraud and cheating on Monday against a director at commodity trading company in connection with a nickel trading scheme that raised at least S$1 billion ($746 million) from investors. 

The case is the latest in a string of scandals involving trading firms in Singapore. Ng Yu Zhi, a 33-year-old director of Envy Global Trading Pte Ltd and Envy Asset Management Pte Ltd, was charged with two counts of cheating and two of fraudulent trading. 

Fraudulent Trading - Prosecutors said they expect to bring more charges.A court granted Ng bail on Monday after the charges were read. Police have seized about S$100 million worth of his assets.Fraudulent trading can carry a prison term of up to seven years, while cheating is punishable with up to 10 years.

Ng is accused, according to chargesheets, of being involved in duping investors into lending money to buy nickel from Poseidon Nickel Ltd and to buy receivables from forward contracts with BNP Paribas, though there were no such deals.

S$1 Billion Scam - His companies are believed to have raised at least S$1 billion ($746 million) from investors to fund nickel trading activities between October 2017 and February 2021.Investors were promised varying returns, which averaged 15%, over an investment period of three months.

The prosecution told the court that some S$300 million was transferred into Ng’s personal account.It said investors were paid about S$700 million, but are still owed about S$1 billion, based on the face value of the outstanding contracts, as many had rolled over their contracts.A further S$200 million remained unaccounted for, according to the prosecution.