PETALING JAYA: The Securities Commission (SC) has cautioned the public on the sharp increase of investment scams promoted on the Telegram messaging application.

       In a statement yesterday, the SC said it had received a total of 47 complaints and enquiries since January 2022, on illegal investment schemes promoted through Telegram.

       “These fraudulent schemes offer non-existent investment opportunities, promising very attractive and risk-free returns within a short span of time.

       “They commonly offer unrealistic returns of as high as 1,000% within 24 hours or even within a few hours.”

       According to the SC, the perpetrators use various names to carry out the investment scams.

       “They may also impersonate or clone licensed capital market intermediaries by using the names, logos, credentials, websites and other details of the legitimate entities to promote the illegal schemes.

       “Perpetrators of these scams will create a public group on Telegram to promote these investment packages that are usually accompanied by fake testimonies and sometimes advertised as being syariah-compliant.”

       The SC said interested investors will then be asked to directly message the representatives to begin investing in the various investment packages offered.

       “Additionally, investors are often instructed to deposit monies into personal bank accounts of individuals who claim to represent a legitimate entity, or into an unrelated corporate account.”

       To lend credence and to lure unsuspecting victims, the SC said perpetrators usually claim that their entity or the investment schemes are approved by financial authorities.

       “As such, the SC would like to remind investors to always exercise caution when evaluating investment opportunities, especially those promising unrealistically high returns with little or no risk. Investors should also never deposit money into someone’s personal bank account if instructed.”