Mule Account Offences A Growing Concern
He said that, as of Monday (July 21), a total of 39,006 mule account cases had been detected, with 10,635 of the cases charged in court, while in 2024, there were 51,197 cases, involving over 33,000 cases brought to justice.
"This is not merely a financial issue; it has become a form of organised crime used by syndicates to carry out various illegal activities, including online fraud, fake investments and e-commerce fraud,' he told a media conference on CCID current issues here today.
Elaborating, Rusdi said action can be taken against those involved under sections 424A, 424B and 424C of the Penal Code, which carry a prison sentence of up to 10 years and a maximum fine of RM150,000, depending on the level of involvement and the offence.
He said that among the forms of involvement are handing over bank account details to a third party without reasonable cause, opening bank accounts for others and using one's account to carry out dubious transactions.
As such, Rusdi recommended the use of the 'T.A.K.E.F.I.V.E' formula as a preventive guideline to help members of the public from falling victim to financial fraud syndicates and mule account offences.
He said the first step is Think - individuals need to think critically before making any decision related to investment and avoid taking hasty action; followed by Ask - always ask questions and seek valid documents before providing banking or investment information, as well as check with the relevant authorities.
He added that Knowledge also plays a crucial preventive role, with the public required to be aware of the latest modus operandi used by cyber criminals and carrying out e-Checks (online checks) using portals such as Semak Mule PDRM and Investment Checker by the Securities Commission, as well as Financial Consumer Alert List by Bank Negara Malaysia.
"The fifth step is Fight - avoid being susceptible and don't be deceived by promises of huge or quick returns - and the sixth step is to practice the principle of Ignore, whereby the public is advised not to entertain dubious offers, particularly on social media,' he said.
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