This message comes to you from the Consumer and Investor Office (“CIO”) of the Securities Commission Malaysia (“SC”).
Clone Firm Scams involving intermediaries
In June – August 2023, we included fifteen (15) clone firm scams on our SC Investor Alert List, as follows:
| No. | Name of Unauthorised Website/Products/ Entities/Individual | Remarks |
| 1. | Potential clone entity – iWahed (https://www.iwahed.net/) | • 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 RM5,300 in 2-3 days with investment of RM500 • Misrepresentation, misusing SC’s name |
| 2. | Potential clone entity – Market Investment Sinegy Malaysia / Salam Kejayaan / Syarikat Sinegy Global (https://t.me/silamagha1928 | https://t.me/kjcvjfg) | Misusing the name and credentials of SINEGY DAX Sdn. Bhd. (a registered Digital Asset Exchange (DAX) operator with the SC) to carry out an illegal investment scheme offering high returns e.g return of RM7,500 in 4 hours with investment of RM500 |
| 3. | Potential clone entity – Redvest Wealth & Asset Management | • Misusing the name and credentials of Redvest Wealth & Asset Management Sdn. Bhd. (eCMSL/A0375/2021) a licensed entity with SC for dealing in securities (dealing in securities restricted to unit trusts), fund management (fund management in relation to portfolio management), financial planning and dealing in private retirement schemes to carry out an illegal investment scheme offering high returns e.g. return of RM7,500 with investment of RM300 • Misrepresentation, misusing SC’s name and logo |
| 4. | Potential clone entity – Legacy Advisory (https://www.ccadvisorycvi.com/beta/) | • Misusing the name and credentials of Legacy Advisory Sdn. Bhd. (CMSL/A0285/2010) 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 RM14,210 with investment of RM300 • Misrepresentation, misusing SC’s name and logo |
| 5. | Potential clone entity – Apex Securities WhatsApp Group | Misusing the name and credentials of Apex Securities Berhad (eCMSL/A0013/2007) a licensed entity with SC for dealing in securities, dealing in derivatives, clearing and investment advice to carry out an illegal investment scheme offering high returns e.g. return of RM7,020 with investment of RM370 |
| 6. | Potential clone entity – Fundaztic (WhatsApp) | Misusing the name and credentials of Fundaztic, an online platform of Peoplender Sdn Bhd (a Peer-to-Peer Financing company registered with the SC) by holding out as a recognized market. |
| 7. | Potential clone entity – Maybank2u (Telegram group) (https://t.me/Maybanklayan_Bankin) | Misusing the name and credentials of Maybank Investment Bank Berhad (eCMSL/A0089/2007) a licensed entity with SC for Dealing in Securities, Clearing, Dealing in Derivatives, Advising on Corporate Finance and Investment Advice to carry out an illegal investment scheme offering high returns e.g return of RM20,000 with investment of RM1,000 |
| 8. | Potential clone entity – FM Global Invest 165 | Misusing the name and credentials of Finwealth Management Sdn Bhd (eCMSL/A0351/2018) 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 RM15,880 with investment of RM300 |
| 9. | Potential clone entity – Areca Sdh Bhd (https://www.facebook.com/profile.php?id=100080294034555) | Misusing the name and credentials of Areca Capital Sdn Bhd (eCMSL/A0175/2007) a licensed entity with SC for Dealing in Securities (dealing in securities restricted to unit trusts), Fund Management (fund management in relation to portfolio management), Investment Advice and Financial Planning to carry out an illegal investment scheme offering high returns e.g return of RM14,690 in 3-5 hours with investment of RM300 |
| 10. | Potential clone entity – Luno Malaysia01 (Telegram Group) (https://t.me/lunomalaysia0015 | https://t.me/lunomalaysia0005 | https://t.me/lunomalaysia0059) | • Misusing the name and credentials of Luno Malaysia Sdn. Bhd. (a registered Digital Asset Exchange (DAX) operator with the SC) to carry out an illegal investment scheme offering high returns. • Misrepresentation and misuse of SC’s name |
| 11. | Potential clone entity – W.I.A Invest (615) | Misusing the name and credentials of Whitman Independent Advisors Sdn. Bhd. (CMSL/A0165/2007) a licensed entity with SC for dealing in securities restricted to unit trusts, financial planning and dealing in private retirement schemes; and an approved Financial Adviser with Bank Negara Malaysia to carry out an illegal investment scheme offering high returns e.g. return of RM13,979 in 3 hours with investment of RM300 |
| 12. | Potential clone entity – uobtrade (www.uobtrade.com) | 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. |
| 13. | Potential clone entity – A.D. Evoque Financial / A.D. Financial | • Misusing the name and credentials of A.D. Financial Sdn. Bhd. (CMSL/A0186/2007) a licensed entity with SC for dealing in securities (dealing in securities restriction 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 RM13,690 in 3-8 hours with investment of RM250. • Misusing the name and credentials of A.D. Evoque Financial Sdn. Bhd. (an approved Financial Adviser with Bank Negara Malaysia) to carry out an illegal investment scheme offering high returns e.g. return of RM13,690 in 3-8 hours with investment of RM250. • Misrepresentation and misuse of SC’s logo |
| 14. | Potential clone entity – Amara Investments Berhad (https://midarobot.cc/) | Misusing the name and credentials of Amara Investment Management Sdn. Bhd. (CMSL/A0111/2007) 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 RM9,000 in 3-6 hours with investment of RM300 |
| 15. | Potential clone entity – Wahed Global (https://wahedglobal.my.id/) | 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. |
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.
The following are the key characteristics:-
- The scam, offered through social media advertisement, begins with an investment opportunity in cryptocurrency offering high returns.
- 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”.
- For example, lets say that the victim agreed to invest RM500.
- The victim will then open an account with a registered DAX operator, and RM500 will be used to buy Bitcoin through the platform.
- The Bitcoin will then be transferred into the wallet address of the “agent” for purposes of “investment” to get the high returns.
- 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.
- At this time the victim will not have received the returns from the RM500 investment earlier made.
- 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.
- The victim will then be asked to convert the RM50,000 into Bitcoin equivalent, and transfer the said Bitcoin to the “agent’s” wallet.
- Essentially the victim would have lost the initial RM500, and his bank account will be used akin to a mule bank account.