The Monetary Planning Affiliation of Malaysia has suggested the general public to be cautious of dubious funding schemes that disclose the name of legitimate monetary planning companies. — Reuters pic

Thursday, 13 Apr 2023 12:06 PM MYT

KUALA LUMPUR, April 13 — The Monetary Planning Affiliation of Malaysia (FPAM) has suggested the general public to be cautious of dubious funding schemes that disclose the name of legitimate monetary planning companies.

In an announcement today time, FPAM warned that scammers would disclose monetary planning companies’ key names on bogus companies to confuse the general public and add them to social media chat groups whereas pretending to instruct legitimate monetary planning companies.

“Additionally they offer dubious funding schemes that promise excessive returns and post bogus investor testimonials to point to proof of switch receipts and making profits to accomplish the boldness of attainable victims,” it stated.

The affiliation stated that nine monetary planning companies — all of them contributors of the affiliation — acquire had their names cloned to promote unlawful schemes.

“Their accurate names are Wealth Vantage Advisory Sdn Bhd, Genexus Advisory Sdn Bhd, Excellentte Consultancy Sdn Bhd, Alpine Advisory Sdn Bhd, UOB Kay Hian Securities (M) Sdn Bhd, CC Advisory Sdn Bhd, Harveston Wealth Management Sdn Bhd, iFast Capital Sdn Bhd and Kenanga Buyers Bhd,” it stated.

To present protection to from being scammed, FPAM suggested contributors of the general public to consult with the Securities Commission Malaysia’s list of licensed and registered persons and consult with the monetary planning company itself sooner than making any funds or investments.

“Victims of those scams ought to silent right this moment list to the National Scam Response Centre by calling their hotline, 997, and also file a list with the SC,” it added. — Bernama