SC probes syndicate suspected of running five unlicensed investment schemes

KUALA LUMPUR: The Securities Commission Malaysia (SC) is investigating a syndicate suspected of running five unlicensed investment schemes, including two clone firm schemes, that

had duped hundreds of investors of more than RM7 million into unlicensed investment activities.

The capital markets regulator said it recently raided several locations in Kuala Lumpur and seized records and devices used by the syndicate, following complaints and tip-offs from the public.

"The SC also brought down the servers used by the syndicate to perpetrate the scams. Investigations are ongoing for possible breaches under the Capital Markets and Services Act 2007,” it said in a statement today.

According to the SC, initial investigations showed 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), Asia Equity Ventures, Equity Global Business, Lindale Ventures, and Waheed Ventures (also known as Waheed Trading or Wadeed Global Ventures).

Members of the public who have had dealings with these unlicensed schemes or their representatives are urged to come forward and provide relevant information to the SC by calling 012-6113519 or email

"All the five schemes have been added into the SC’s Investor Alert list and the SC has 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,” it said.

It urged investors to verify the status of individuals or companies offering investing opportunities via the SC website at / - Bernama

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