Beware of this Fraudulent Investment Scheme on Telegram: Misusing Name of Malaysian Financial Firm

Investment scams in the form of fraudulent groups are created on the Telegram messaging platform to deceive users into investing money in fake schemes. These groups often mimic legitimate investment channels, using similar names, images, and even fake blue ticks to appear authentic. 

The scammers promise high returns on investments and guaranteed profits and use fake testimonials and screenshots of supposed profits to lure victims into investing.

Despite increased warnings from regulatory agencies across countries about such scams, scammers remain rampant on Telegram, leaving the unsuspecting vulnerable.

Fake ASNB on Telegram

BrokersView recently learned of a new scam case where a client was scammed by a fake investment group on Telegram, which used the official name of a Malaysian financial institution. The scammers shared supposed profits earned by other “members” (scammers), which made the client interested in joining their investment scheme. The client transferred money twice: once for the capital and once for a so-called trading fee, before realizing he had been scammed.

The financial institution impersonated by the scam group is Amanah Saham Nasional Berhad (ASNB), a unit trust management company in Malaysia. The scammers misused the company’s full name and used the abbreviation as its profile picture.

The trading package advertised by the fake ASNB promises a minimum profit of RM 45,000 and a maximum profit of RM450,000, raising a major red flag as legitimate investments do not guarantee a profit, let alone such high profits on small deposit amounts.

BrokersView Reminds You

Always be vigilant against unrealistic returns and unsolicited investment offers. 

Always research the investment opportunity and check the company’s authenticity.