SC warns of sharp increase in investment scams on Telegram

 

Scammers offer non-existent investment opportunities with unrealistic returns and fake testimonials.

PETALING JAYA: The Securities Commission (SC) has cautioned the public on the sharp increase in investment scams promoted on Telegram.

Since January this year, the SC has received 47 complaints and inquiries on illegal investment schemes promoted through the messaging app.

“These fraudulent schemes offer non-existent investment opportunities, promising very attractive and risk-free returns within a short period of time.

“They commonly offer unrealistic returns as high as 1,000% within 24 hours or even within a few hours,” it said in a statement today.

Scammers create public groups on Telegram to promote investment packages, which are typically accompanied by fake testimonials and are at times advertised as being shariah-compliant.

“Investors are often instructed to deposit monies into personal bank accounts of individuals who claim to represent a legitimate entity or into an unrelated corporate account.”

To create credibility and lure unsuspecting victims, scammers will usually claim their investment schemes have been approved by financial authorities, the SC said.

It urged the public to exercise caution when evaluating investment opportunities and to never deposit money into personal bank accounts if instructed to do so.

The public is advised to refer to the SC’s investor alert list for details on unauthorised websites, investment products, companies and individuals.

They can also contact the SC’s consumers and investors department at 03-6204 8999 or email aduan@seccom.com.my to lodge reports on suspected scams. - FMT