Malaysia sees alarming commercial crime situation

Malaysian police have released a report on the state of commercial crime, revealing that the country is suffering significant economic losses due to illicit trade activities.

The report said that in 2024, Malaysian police recorded a total of 30,724 commercial crime cases, averaging 88 cases per day.

The total estimated financial loss from these crimes amounted to 2.77 billion MYR, (approximately 620 million USD). Although the number of cases saw a slight 3% decrease compared to 2023, the financial losses rose significantly at 44%. This suggests that commercial crimes are becoming more severe and sophisticated, it said.

The report highlighted that illegal lending remains a serious issue, with the number of cases continuing to rise year by year. In 2024, the police registered 981 cases, compared to 977 in 2021 and 1,162 in 2023.

To address this, the Malaysian police have intensified enforcement activities, leading to the arrest of 4,737 individuals linked to illegal lending operations. Bukit Aman (Royal Malaysian Police) Commercial Crime Investigation Department (CCID) Director Datuk Seri Ramli Mohamed Yoosuf explained that many Malaysians, despite being aware of the risks, are compelled to resort to illegal lending due to financial pressures.

The Malaysian police have vowed to continue strengthening efforts to combat and prevent illegal activities in the commercial sector./.

VNA