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Latest Notice » Clone Firm Scams involving intermediaries
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Clone Firm Scams involving intermediaries
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From June - August 2023, the Securities Commission (“SC”) has included fifteen (15) clone firm scams on our SC Investor Alert List, as follows:
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1. |
Potential clone entity – iWahed (https://www.iwahed.net/) |
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2. |
Potential clone entity – Market Investment Sinegy Malaysia / Salam Kejayaan / Syarikat Sinegy Global (https://t.me/silamagha1928 | https: //t.me/kjcvjfg) |
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3. |
Potential clone entity – Redvest Wealth & Asset Management |
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4. |
Potential clone entity – Legacy Advisory (https://www.ccadvisorycvi.com/bet a/) |
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5. |
Potential clone entity – Apex Securities WhatsApp Group |
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6. |
Potential clone entity – Fundaztic (WhatsApp) |
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7. |
Potential clone entity – Maybank2u (Telegram group) (https://t.me/Maybanklayan_Bankin) |
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8. |
Potential clone entity – FM Global Invest 165 |
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9. |
Potential clone entity – Areca Sdh Bhd (https://www.facebook.com/profile. php?id=100080294034555) |
10.
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Potential clone entity – Luno Malaysia01 (Telegram Group) (https://t.me/lunomalaysia0015 | htt ps://t.me/lunomalaysia0005 | https: //t.me/lunomalaysia0059) |
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11. |
Potential clone entity – W.I.A Invest (615) |
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12. |
Potential clone entity – uobtrade (www.uobtrade.com) |
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13. |
Potential clone entity – A.D. Evoque Financial / A.D. Financial |
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14. |
Potential clone entity – Amara Investments Berhad (https://midarobot.cc/) |
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15. |
Potential clone entity – Wahed Global (https://wahedglobal.my.id/) |
Please click here to refer on the investor alert list.
These clone firm scams had impersonated some of SC’s licensed entities, including misusing their name and logo and credentials of legitimate entities.
The scams were promoted via social media channels such as Facebook, Telegram, WhatsApp to lure investors with investment packages guaranteeing high returns.
Observation of new Modus Operandi (MO):-
A new modus operandi which has the following characteristics: -
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The scam, offered through social media advertisement, begins with an investment opportunity in cryptocurrency offering high returns.
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Those interested will be directed to open an account with a registered Digital Asset Exchange (DAX) operator and asked to transfer Bitcoin to an wallet address purportedly belonging to an “agent”.
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The “agent” will then encourage/convince the victim to upgrade the investment plan to a higher value e.g. RM50,000 to get higher returns.
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Typically a victim will not have RM50,000 available, and at this point the “agent” will tell the victim that he can help the victim to source for this RM50,000. The victim will be told that monies will be credited into the victim’s bank account for this purpose.
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The victim will then be asked to convert the RM50,000 into Bitcoin equivalent, and transfer the said Bitcoin to the “agent’s” wallet.
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Essentially the victim would have lost the initial RM500, and his bank account will be used akin to a mule bank account.
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