SC Investigates Syndicate Suspected of Running Unlicensed Investment Schemes

31 March 2021  |   Kuala Lumpur

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 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 SC 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.

Initial investigations show that the syndicate had been operating at least five unlicensed investment schemes since 2016 -

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)

Members of the public who have had dealings with these unlicensed schemes or their representatives are urged to come forward and provide relevant information to the SC by calling 012-6113519 or email [email protected] 

All the five schemes have been added into the SC’s Investor Alert list and the SC had also requested 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. Investors are urged to verify the status of individuals or companies offering investing opportunities via the SC website at www.sc.com.my/regulation/licensing/licensed-and-registered-persons / www.sc.com.my/development/digital/list-of-registered-recognized-market-operators.  


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