SC probes syndicate suspected of running unlicensed investment schemes

KUALA LUMPUR (March 31): 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 over RM7 million into unlicensed investment activities.

The SC said in a statement today that 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 regulator said it 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 added.

The SC said initial investigations show that the syndicate had been operating at least five unlicensed investment schemes since 2016. They are:

1. Amal Trust (also known as Wakala Ventures or AML Global)
   Company Registration Number: 002848059-U
   URL: https://amal-trust.com/ (blocked)
2. Asia Equity Ventures
   Company Registration Number: 002576131-V
   URL: No longer accessible since 2018
3. Equity Global Business
   Company Registration Number: 002697965-K
   URL: Does not have any website
4. Lindale Ventures
   Company Registration Number: 003041846-U
   URL: http://www.lindale-ventures.com/ (blocked)
5. Waheed Ventures (also known as Waheed Trading or Wadeed Global Ventures)
   Company Registration Number: 003089431-V
   URL: https://waheed-ventures.com/ (blocked)

The SC said the five schemes have been added to its Investor Alert list and that it had 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,” the commission said.