At least RM24 million may have been lost to ‘clone firms’, says SC


The Securities Commission says its investigation into 10 ‘clone firm’ scams has revealed that at least RM24.7 million may have lost to several ‘masterminds’ of these scams. – The Malaysian Insight file pic, May 31, 2022.

THE Securities Commission Malaysia’s (SC) investigation into 10 “clone firm” scams has revealed that at least RM24.7 million may have flowed to several “masterminds” of these scams based on 154 bank statements reviewed.

The findings revealed that the modus operandi of these scams is to target victims/investors who are willing to part with a small amount of money but with the expectation of making huge returns in a short period of time, SC said in a statement today.


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