KUALA LUMPUR: Almost 200 social media sites and over 100 websites have been blocked by the Securities Commission for promoting or selling illegal investment schemes, says Lim Hui Ying.
The Deputy Finance Minister said that another 184 entities were placed on an investor watchlist for allegedly promoting or operating similar unlicensed investment schemes as of the third quarter of 2024.
Enforcement has also been taken against several entities with eight charges having been filed in court by SC against them.
Seven entities, including a unit trust fund agent, have also had administrative action taken against them for their involvement in such schemes, according to Lim.
“Actions were taken accordingly once their violations were proven after investigations were concluded with the cooperation of other relevant authorities.
“Offshore-based schemes have had their online platforms that promote the scheme blocked in collaboration with the Malaysian Communications and Multimedia Commission (MCMC) and social media platforms like Facebook and Telegram.
“The SC has also issued several press releases on the modus operandi of the latest widespread fraud investment schemes which we advise the public to educate themselves with,” she said during a special Parliament session on Monday (Nov 4).
She added SC records show that there have been no reports or complaints of any licensed or registered companies introducing such illegal schemes.
Lim was responding to concerns raised by Khoo Poay Tiong (PH-Kota Melaka) over a rise in illegal investment schemes and what actions the government was taking to snuff them out.
