Lies Created by Malaysia Islamic Trading for Scamming Malaysian Investors

Global financial regulators such as the Financial Conduct Authority (FCA) have been clarifying their requirements on financial promotions this year as it recognizes the seriousness of the risk that non-compliant and illegal financial advertisements pose to investors, especially novice ones. And BrokersView has found that many victims of investment fraud have fallen prey to such advertisements. Further, many of these scammers have been moving from one social media to another.

Among them, Malaysia Islamic Trading is a typical example of a company that uses social media to post false investment advertisements.

BrokersView received a complaint from a user who was caught up in an investment scam due to a fake advertisement posted by Malaysia Islamic Trading on Facebook.

Since the user's son was in urgent need of surgery money, when she saw the advertisement for Malaysia Islamic Trading, she couldn't wait to contact the company in the hope of earning more money.

She chose the Plan Basic from the four investment plans offered and deposited RM400. Not long after, the investor saw her account earned about RM58,000 and intended to withdraw the money, but did not realize that the road to withdrawal was not smooth.

At first, the trader asked the investor for a "verification fee" on the grounds that she was a new user and had never received overseas transfers before, and made up a so-called "FAC" department, pretending that the fee was required by an authority.

In addition, the scammer also forged a notice that appeared to be from Hong Leong Bank, a Malaysian multinational bank and one of the top five banks in the country. According to the forged document, the scammer claimed that the investor must pay a "processing fee" of up to RM12,000 to the bank, otherwise the transaction will be automatically rejected by the system. "Attached fee is compulsory to be settled on to prevent fraud & further investigation HONG LEONG BANK due to unverified of interbank transfer," added the scammer.

Eventually, the victim was defrauded of RM12,080.

BrokersView reminds you

Malaysia Islamic Trading, an unregulated broker, has been weaving all sorts of lies to deceive Malaysian investors.

The company claimed to have been in business for more than 11 years and had 12 million registered users. However, an investigation by BrokersView revealed that the broker's website was created in February of this year, less than a year ago. Moreover, its website has only about 250,000 of total visits, so where did the 12 million registered users come from?

To protect your money, do not invest with Malaysia Islamic Trading.

If you have any questions about your potential brokers and can't find the answers, you can ask BrokersView and we will answer for free.