“These clone firms offer non-existent investment opportunities, including in the shares of these PLCs, promising unrealistically high returns within a short span of time, ” the SC said in a statement.
KUALA LUMPUR: The Securities Commission (SC) cautioned the public on the sharp increase ín clone firm scams this year.
The scams are perpetuated by companies that fraudulently impersonate a legitimate entity, including misusing the name and logo of a public-listed company (PLC) to dupe investors and to solicit funds.
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