Malaysians lost RM914m to investment scams for first six months of 2020, says SC chairman | Malay Mail

Friday, 23 Oct 2020 11:37 AM MYT

Chairman Datuk Syed Zaid Albar said of late, there has been a rise of “clone firm scams” where the fraudster would impersonate a legitimate licensed entity to dupe investors into believing that they are investing with a legitimate entity. “I would like to advice investors to always verify the individual and entity’s status with the SC before investing their monies in any investment schemes,” he said in his welcome remarks at the SC virtual InvestSmart Fest 2020 here today.

In an SC survey earlier this year, it showed that a majority of investors in Malaysia have an unrealistic expectation of 24 per cent to 30 per cent returns per annum on their investments, he said. “We urge investors to also play their part by coming forward to provide information to the SC if they have been approached by any person offering these schemes,” he said.

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