THE Securities Commission (SC) is investigating a syndicate suspected of running five unlicensed investment schemes – including two clone firm schemes – that had duped hundreds of investors of over RM7 mil into unlicensed investment activities.
Following complaints and tip-offs from the public, the SC recently raided several locations in Kuala Lumpur and seized records and devices used by the syndicate.
“The SC also brought down the servers used by the syndicate to perpetrate the scams,” the market regulator pointed out. “Investigations are ongoing for possible breaches under the Capital Markets and Services Act 2007.”
Initial investigations by the SC show that the syndicate had been operating at least five unlicensed investment schemes since 2016, namely:
- Amal Trust (also known as Wakala Ventures or AML Global) Company Registration Number: 002848059-U; URL – https://amal-trust.com/ (blocked)
- Asia Equity Ventures (Company Registration Number: 002576131-V); URL – No longer accessible since 2018
- Equity Global Business (Company Registration Number: 002697965-K); URL (no website)
- Lindale Ventures (Company Registration Number: 003041846-U); URL: http://www.lindale-ventures.com/ (blocked)
- Waheed Ventures (also known as Waheed Trading or Wadeed Global Ventures) (Company Registration Number: 003089431-V); URL: https://waheed-ventures.com/ (blocked)
The SC further urged members of the public who have had dealings with these unlicensed schemes or their representatives to come forward and provide relevant information by calling 012-6113519 or e-mail [email protected].
All the five schemes have been added into the SC’s Investor Alert list while the market regulator had also requested the Malaysian Communications and Multimedia Commission to block the relevant websites.
“The SC would like to remind investors to always exercise caution when evaluating investment opportunities, especially those promising very high returns with little or no risk and to seek the counsel of licensed and legitimate advisors,” noted the market regulator.
“Investors are urged to verify the status of individuals or companies offering investing opportunities via the SC website at www.sc.com.my/regulation/licensing/licensed-and-registered-persons.” – March 31, 2021
