Scam Alert: Bursa Islamic will NOT Make You Rich but Only Cheat You

When you see an investment advertisement that promise make you rich, you must keep an eye out for it. Most of such "investment opportunities" are scams. Another Malaysian investor recently told us that he fell for a scam investment advertisement and transferred money to the scammer several times, eventually losing his principal and "withdrawal fee."

The investor saw an investment ad on Facebook with keywords such as "low deposit", "trading on your behalf", and "profit assured". These keywords made it seem like a good opportunity for a novice investor like him, so he contacted the scammer through WhatsApp.

The administrator recommended a broker named Bursa Islamic, saying that the user could first join a Test Plan for only RM45 to RM60 and then upgrade to another plan if satisfied.

The investor joined the investment with RM60 and withdrew smoothly after making a profit. With the idea that the more one invest, the more one earn, the user upgraded his investment plan to the Basic Plan and invested another RM550.

The second investment was also "profitable." The scammer informed the customer that he had earned RM20,000 this time and that he needed to pay 10% of the profit as a commission. Without hesitation, the customer transferred RM2060 to the scammer. Unexpectedly, a few hours later, the scammer came to ask for the fee to open a CDS account. However, as the investor knew, opening such an account does not need to pay, so he refused to make another transfer as requested by the scammer.

Bursa Islamic, the broker that the client invested in, is obviously illegal. While financial promotions can be found on its website, the most important information - regulatory details can not be found.

BrokersView has recently exposed many cases of scams that took place in Malaysia. The scammers claim to offer investment opportunities with low requirements to entry, without the need for investors to trade themselves, and with the ability to make multiples or even tens of times the profit in just a few hours. Those experienced in the market can spot the scam at a glance, but novice investors may easily fall for it. Therefore, the targets of such scams are those inexperienced novice investors without protection.

Always choose a regulated broker, accept trading products and services from legitimate investment firms, and do not trust investment advertisements on social media easily.

Risks and rewards always go hand in hand in the financial market, so be extra cautious about low-risk&high-reward investment opportunities, as most scams tend to hide in them.