KUALA LUMPUR: Losses incurred from an investment scam cannot be recouped even through the legal process, says Bukit Aman.

Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf (pic) said as previously reported, the Federal Court allowed for the prosecution's application to forfeit RM1,112,700 from 79 investors of the Venus FX illegal deposit-taking scheme.

"A panel of three judges led by Chief Justice Tun Tengku Maimun Tuan Mat ordered the RM1,112,700 to be forfeited to government revenue, stating that there was merit in the appeal.

"Court proceedings stated that money seized from the syndicate were proceeds from an illegal activity, thus money deposited by a third party was also tainted.

"So the respondents could not have any legal rights over the money," he told a press conference at CCID headquarters here on Friday (May 3).

Comm Ramli said the court proceedings revealed that the investors willingly deposited money to invest in the scheme in the hope of profits and returns.

"We remind the people of the court's decision showing the action of certain individuals investing in illegal schemes will only lead to bigger losses.

"Those who want to invest must not get involved in unregistered schemes, especially those advertised on social media," he said.

Comm Ramli said scam victims could still attempt to claim back their losses if they did so through the investigating officers.

"The decision will then be made by a judge or a magistrate," he said.

https://www.thestar.com.my/news/nation/2024/05/03/investment-scam-losses-cannot-be-recouped-says-bukit-aman