Scammers posing as investment gurus on social media to prey on Malaysians

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Scammers News

Stock Market,Financial Groups,Investment Groups

SINGAPORE: In a case involving the first prosecution under a new law aimed at addressing risks relating to money laundering, a business called Kim Heng Jewellers and Goldsmiths was fined $35,000 on Tuesday (Nov 19).

Singaporean duo who sold WhatsApp accounts to scammers nabbed; over 6,800 SIM cards, 15 phones seized

“It is in the best interest of everyone that any financial investment made must be the ones offered by companies approved by Bank Negara or the Securities Commission,” he said when contacted. “We have received quite a number of complaints on this issue. So our advice is that don’t get tempted, don’t engage and don’t be greedy.

In September, LinkedIn user Kang Yew Jin shared his experience of being added into an"international club" on WhatsApp back in July in which a"teacher" would provide a stock analysis each morning.He said he refused to do so, adding that he even ran a check with the Companies Commission of Malaysia to verify the status of the company.

“A member within this group, posing as a senior executive of Bank of China , has been issuing stock recommendations to group members. BOCM categorically asserts that the bank, BOCHK and BOCI are not affiliated with this fraudulent group."

 

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