This message comes to you from the Consumer and Investor Office (“CIO”) of the Securities Commission Malaysia (“SC”).
Clone Firm Scams involving intermediaries
From January 2023 – April 2023, we included seventeen (17) clone firm scams on our SC Investor Alert List, as follows:
| No. | Name of Unauthorised Website/Products/ Entities/Individual | Remarks |
| 1. | Potential clone entity – Platform Wahed Investing | Misusing the name and credentials of Wahed Technologies Sdn Bhd (eCMSL/A0359/2019) a licensed entity with SC for fund management in relation to portfolio management to carry out an illegal investment scheme offering high returns e.g. return of RM58,000 in 3-6 hours with investment of RM3,000. |
| 2. | Potential clone entity – Digital Wahed Halal Invest (https://t.me/Digital_wahed_comid | https://t.me/pablic_12 | https://t.me/infestasiwahed2 | https://t.me/wahedifestingdigital | https://t.me/wahetkhv) | Misusing the name and credentials of Wahed Technologies Sdn Bhd (eCMSL/A0359/2019) a licensed entity with SC for fund management in relation to portfolio management to carry out an illegal investment scheme offering high returns e.g. return of RM7,000 in 3-6 hours with investment of RM500. |
| 3. | Potential clone entity – CC Advisory S/B 124 | Misusing the name and credentials of CC Advisory Sdn. Bhd. (eCMSL/A0342/2017) a licensed entity with SC for Dealing in Securities – Dealing in securities restricted to unit trusts, Financial Planning and Dealing in private retirement scheme to carry out an illegal investment scheme offering high returns e.g. return of RM8,999 in 3 hours with investment of RM300. |
| 4. | Potential clone entity – iFast Capital 212 | Misusing the name and credentials of iFast Capital Sdn. Bhd. (a licensed entity with SC for Dealing in Securities, Fund Management, Dealing in Private Retirement Scheme, Investment Advice and Financial Planning) to carry out an illegal investment scheme offering high returns e.g. return of RM8,999 in 3 hours with investment of RM300. |
| 5. | Potential clone entity – MIDF Investment (https://t.me/midfinvest) | Misusing the name and credentials of MIDF Amanah Investment Bank Berhad (CMSL/A0077/2007) a licensed entity with SC for dealing in securities, advising on corporate finance and investment advice to carry out an illegal investment scheme offering high returns e.g. return of RM10,000 in 3 hours with investment of RM500. |
| 6. | Potential clone entity – I-Max Financial | Misusing the name and credentials of I-Max Financial Sdn. Bhd. (a licensed entity with SC for Financial Planning) to carry out an illegal investment scheme offering high returns e.g. return of RM7,999 in 4 hours with investment of RM300. |
| 7. | Potential clone entity – Kenanga Saham Malaysia / Kenanga Investors Berhad (https://t.me/KENANGA_SAHAM_MALASIYA) | Misusing the name and credentials of Kenanga Investors Berhad (a licensed entity with SC for dealing in securities, fund management, investment advice, financial planning and dealing in private retirement schemes) to carry out an illegal investment scheme offering high returns e.g. return of RM10,000 in 3 hours with investment of RM500. |
| 8. | Potential clone entity – Harveston Investment | Misusing the name and credentials of Harveston Wealth Management Sdn Bhd (CMSL/A0275/2010) a licensed entity with SC for dealing in securities (dealing in securities restricted to unit trusts), financial planning and dealing in private retirement schemes to carry out an illegal investment scheme offering high returns e.g. return of RM14,440 in 1 hour with investment of RM300. |
| 9. | Potential clone entity – Blueprint Planning Invest | Misusing the name and credentials of Blueprint Planning Sdn. Bhd. (eCMSL/A0254/2009) a licensed entity with SC for dealing in securities (dealing in securities restricted to unit trusts), financial planning and dealing in private retirement schemes to carry out an illegal investment scheme offering high returns e.g. return of RM14,900 in 3-6 hours with investment of RM300. |
| 10. | Potential clone entity – UOB Kay Hian-AAAA / UOB Kay Hian-vip (https://www.facebook.com/profile.php?id=100090977379212 | https://www.facebook.com/profile.php?id=100090883997819) | Misusing the name and credentials of UOB Kay Hian Securities (M) Sdn Bhd (eCMSL/A0018/2007) a licensed entity with SC for dealing in securities, dealing in derivatives, clearing, advising on corporate finance, investment advice, financial planning and dealing in private retirement schemes to carry out an illegal investment scheme. |
| 11. | Potential clone entity – Alpine Advisory 162 / Alpine Advisory 135 (https://chat.whatsapp.com/Erx2ocn5zccBQsWQmm5VKS) | Misusing the name and credentials of Alpine Advisory Sdn. Bhd. (eCMSL/A0362/2020) a licensed entity with SC for dealing in securities (dealing in securities restricted to unit trusts), financial planning and dealing in private retirement schemes to carry out an illegal investment scheme offering high returns e.g. return of RM14,210 in 4-8 hours with investment of RM300. |
| 12. | Potential clone entity – Pelaburan Excellentte 1 | Misusing the name and credentials of Excellentte Consultancy Sdn. Bhd. (a licensed entity with SC for dealing in securities restricted to unit trusts, financial planning and dealing in private retirement schemes) to carry out an illegal investment scheme offering high returns e.g. return of RM8,500 in 3 hours with investment of RM250. |
| 13. | Potential clone entity – Genexus Advisory (155) (https://chat.whatsapp.com/D1C4esvxXSsFRUQLbiXSht) | Misusing the name and credentials of Genexus Advisory Sdn. Bhd. (eCMSL/A0338/2017) a licensed entity with SC for dealing in securities (dealing in securities restricted to unit trusts), financial planning and dealing in private retirement schemes to carry out an illegal investment scheme offering high returns e.g. return of RM8,999 in 4-8 hours with investment of RM360. |
| 14. | Potential clone entity – Pelaburan Wealth Vantage/ W.V.A Invest (130) (https://chat.whatsapp.com/KNGqPHtgR2NHLWk2cIH7iT) | Misusing the name and credentials of Wealth Vantage Advisory Sdn. Bhd. (eCMSL/A0349/2018) a licensed entity with SC for dealing in securities (dealing in securities restricted to unit trusts), financial planning and dealing in private retirement schemes to carry out an illegal investment scheme offering high returns e.g. return of RM8,999 in 3 hours with investment of RM300. |
| 15. | Potential clone entity – Invest Bursa Malaysia (https://t.me/crtpor) | Misusing the name and credentials of Bursa Malaysia Berhad (an exchange holding company under the purview of the SC and the Ministry of Finance) to carry out an illegal investment scheme offering high returns e.g return of RM30,000 in 3 hours with investment of RM1,000. |
| 16. | Potential clone entity – Yes Financial (100) (https://chat.whatsapp.com/JUB7nLNBVOVE7lJI8CxEPb) | Misusing the name and credentials of YES Financial Berhad (eCMSL/A0355/2019) a licensed entity with SC for dealing in securities (dealing in securities restricted to unit trusts), financial planning and dealing in private retirement schemes to carry out an illegal investment scheme offering high returns e.g. return of RM21,250 in 4 hours with investment of RM300. |
| 17. | Potential clone entity – BNP Paribas Asset Management – Pelaburan Saham Patuh Syariah | Misusing the name and credentials of BNP Paribas Asset Management Malaysia Sdn. Bhd. (eCMSL/A0174/2007) a licensed entity with SC for fund management (fund management in relation to portfolio management) to carry out an illegal investment scheme offering high returns e.g. return of RM7,200 with investment of RM400. |
These clone firm scams had impersonated some of SC’s licensed entities, including misusing their name and logo, credentials and websites of legitimate entities.
The scams were promoted via social media through Facebook/Telegram/WhatsApp to lure investors with investment packages guaranteeing high returns.
Observation of new Modus Operandi
We continue to see emerging modus operandi which has the following key characteristics:-
- The scam begins with the perpetrator offering online job tasks via social media platforms (e.g Telegram, WhatsApp, Facebook etc.)
- Several tasks will be given to interested individuals who will be paid commissions in cash into their bank accounts.
- The tasks include (among others) purchasing products from e-commerce platforms, reviewing Malaysian tourist destinations, like/follow pages on social media platforms etc.
- Once these job tasks are completed and the victims are paid (and therefore earning the victim’s trust), the scammer will then request the victims to communicate with another “agent” or “broker”. The victims will then be lured to invest in non-existent cryptocurrencies with promised high returns. And in order to invest, the scammer will provide a mule bank account details for the investment to be made in cash.
- As part of the scam, the victim will be provided a website which provide an investment platform and the victims are encouraged to sign up on the said platform. The victims will then go through the “agents” or “broker” who purportedly invest on-behalf of the victims into cryptocurrencies. The victims will be updated on the “returns” derived but subsequently, when the victims wish to withdraw the monies (invested and returns), found that they were not able to “withdraw” these sum.
We note that this MO is different from previous MOs in that it begins as a online job task, but later lures victims to “invest” in non-existent capital market products.