Exposed! Investment Group Scam "Wahed Invest Malaysia" and Fake Financial Planner

In July, the Canadian Securities Administrators (CSA) warned of fraudulent “investment groups” promoted on social media like Facebook and Instagram. These scams never stop tricking traders into investing and trading to get the false high returns promised by the fraudsters. This type of scam is even more prevalent on Telegram, and BrokersView has exposed a number of fake investment groups on the instant messaging platform.

The most important defense against being scammed is always to be alert at all times when using social media.

Revealing a case from a Malaysian trader

A trader from Malaysia was added to a Telegram group by an administrator called “Mohd Izmanshah” who labels himself with multiple titles such as investor, coach, entrepreneur, and financial planner, but in reality is a scammer.

The scammer began sending profit feedback in the chat group “Wahed Invest Malaysia”, and the trader believed that the posts were fake at first. What made the trader finally let down her guard and join the investment scheme was that reassurances from some of the group members gave her a false sense of the authenticity of this investment. However, these group members are nothing more than fellow scammers.

Consequently, the trader lost RM 7,000 as the scammers repeatedly asked her to transfer money, and she couldn’t make any withdrawals.

BrokersView Reminds You

Promising sky-high returns and exclusive insights, the scam gangs often employ deceptive tactics to manipulate individuals into investing without conducting proper due diligence. Traders must remain vigilant and skeptical of any offers that seem too good to be true, as falling victim to these scams will result in substantial financial losses.

Apart from the general investment schemes with profit packages, some “investment groups” run “pump and dump” scams, as warned by the CSA. 

Finally, be extremely wary of unsolicited group join links and investment advice to avoid any possibility of falling victim to fraud.