Malaysian Investors Lose RM7,500 in 'Grand Capital' Investment Scam

Social media are rife with investment scams. Recently, a Malaysian man lost RM7,500 to an investment scam on Telegram.

The man became interested in investment because of his friend. Seeing the friend made a good profit by investing, he also wanted to have a try.

Unfortunately, as a beginner, he had the desire to invest but did not know how to recognize whether an investment company was legitimate, allowing the scammers to take advantage of him.

By chance, he joined a group named "Global Grand Capital Malaysia". The group’s administrator claimed to be the account manager of Grand Capital, a Forex broker, and recommended a lucrative investment plan to the investor.

After investing his capital, his balance grew to RM30,000. However, when he attempted to withdraw, the investor was unexpectedly asked to pay fees. Lacking knowledge of the actual trading process, the victim complied and paid the fees. Unfortunately, this led to a loss of RM7,500.

From the message records provided by the victim, this is another typical investment scam. The return promised by the scammer is a myth in the real trading market.

The broker offering this fraudulent investment scheme is ‘Grand Capital,’ an unregulated company.

According to the information presented on its official website, the registered address of this company is located in Seychelles. However, Grand Capital's name does not appear in the list of securities dealers by the Seychelles Financial Services Authority (FSA).

In 2023, the Securities Commission (SC) of Malaysia issued a warning against Grand Capital for carrying out unauthorized capital market activities.

Verifying the licenses of financial services and product providers before investing is crucial to avoid investment scams. If you're not sure if the financial firm you want to choose is legitimate, BrokersView is happy to help. Our team will check the regulatory status of your broker for free, helping you avoid scams.