Latest news with #SecuritiesCommission
Malay Mail
11 hours ago
- Business
- Malay Mail
Securities Commission intensifies crackdown on scams, adds 59 to investor alert list in just the first quarter of 2025
KUANTAN, June 20 — The Securities Commission Malaysia (SC) added 59 names to its Investor Alert List in the first quarter (1Q) of this year, said chairman Datuk Mohammad Faiz Azmi. He said this move is part of ongoing efforts to combat the increasingly rampant scams, alongside blocking fraudulent websites and social media pages. 'In 2024, we added 273 names to the Alert List, and in the 1Q this year, we added another 59,' he said during his opening remarks at the launch of the Bersama InvestSmart@Pahang 2025 programme. The event was officiated by Pahang Investment, Industrial Development, Science, Technology and Innovation Committee chairman Datuk Mohamad Nizar Mohamad Najib. Mohammad Faiz added that the SC also collaborates closely with the Malaysian Communications and Multimedia Commission (MCMC) to block these deceptive sites. 'Last year, we blocked 153 websites and 261 social media pages. In the 1Q, we blocked 29 websites and 91 social media pages. These numbers show how much illicit activity we are fighting daily,' he said. As of May 2025, he said, the SC had received 1,218 complaints and enquiries about scams. Mohammad Faiz also reminded the public to be cautious of scams that claim to be Shariah compliant, using religious sentiment to gain trust. Bersama InvestSmart@Pahang 2025 is a three day programme starting today, bringing together government officials, capital market industry players, and regulators under one roof as part of the SC's investor outreach initiative. More than 40 exhibitors are participating in the event, themed 'Bijak Labur, Hidup Makmur'. — Bernama
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Penang woman loses RM794,000 to online investment scam
Penang police chief Hamzah Ahmad urged the public to verify investment schemes with Bank Negara Malaysia or the Securities Commission. (Bernama pic) GEORGE TOWN : A woman from Bukit Mertajam lost RM794,000 to an online investment scam that promised 100% returns, say police. In a statement today, Penang police chief Hamzah Ahmad said the 47-year-old interior designer came across a Facebook advertisement in early April offering quick profits, and later communicated with a woman, posing as a representative, via WhatsApp. He said the victim was instructed to download an app called CSECdt, register and begin investing. Hamzah said the victim made seven bank transfers to different company accounts between April 11 and June 3, only realising it was a scam when she was asked to pay RM200,000 in taxes to withdraw her supposed RM2 million profit. He said the woman then filed a police report, which is being investigated under Section 420 of the Penal Code for cheating. Hamzah urged the public to verify investment schemes with Bank Negara Malaysia or the Securities Commission before investing. 'Online schemes promising high returns are very risky. Don't fall for scammers hiding behind social media platforms,' he said.
The Sun
4 days ago
- Business
- The Sun
Malaysia, Singapore need robust financial ecosystem to unlock joint industrial platform
KUALA LUMPUR: Malaysia and Singapore need a robust financial ecosystem with next-generation technologies to unlock a powerful joint industrial platform, said Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong. He said the two countries are uniquely positioned, with manufacturing still accounting for more than 20 per cent of gross domestic product (GDP). 'It encompasses new materials such as silicon carbide and gallium nitride, new chip architectures, and emerging fields including artificial intelligence and quantum computing. 'To support these advancements, we need a robust financial ecosystem, one where regulatory bodies like the Securities Commission are aligned with technological and industrial priorities,' he said in his keynote speech at the Malaysia-Singapore Chinese Chambers of Commerce Business Forum today. Liew noted that Singapore retains a significant manufacturing base, while Malaysia offers complementary capabilities. 'We should aspire to build our own ecosystem, born out of a Malaysia–Singapore partnership. 'Together, we can serve as a mini South Korea in the global supply chain, adding value far beyond our geographic size,' he added. Liew also commended the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and the Singapore Chinese Chamber of Commerce and Industry (SCCCI) for bringing the two nations closer together.
The Star
4 days ago
- The Star
Company manager loses over RM1.7mil to investment scam
JOHOR BARU: A 67-year-old company manager has lost more than RM1.7mil to a bogus online investment promising daily returns of up to 10%. Johor police chief Comm Datuk M. Kumar said the victim came across the scheme in April. "His mobile phone number was added to a WhatsApp group named 'C-10 Freeman Saham 17'. 'The group promoted a stock investment scheme that claimed to offer daily returns of 5% to 10%, based on market performance. "Enticed by the promise of high profits, the man began making fund transgers,' he said here on Tuesday (June 17). Comm Kumar added that from April 16 to May 30, the victim made 12 bank transfers totalling over RM1.7mil to five bank accounts believed to be controlled by a syndicate. 'However, the victim did not receive any of the promised returns. Instead, he was told to pay another RM500,000 to 'unlock' his earnings. 'The repeated requests for more payments raised the victim's suspicions. He eventually realised it was a scam and filed a police report on Thursday (June 12),' he said. Comm Kumar added that the case was being investigated under Section 420 of the Penal Code for cheating. He reminded the public to be cautious and not fall for investment offers found on social media, especially those that promise quick and guaranteed profits. 'Verify the legitimacy of investment opportunities with the relevant authorities such as Bank Negara Malaysia, the Securities Commission, or the police before making any financial transactions,' he said. Comm Kumar also urged the public to use the "Semak Mule" service, which allows users to check if a bank account or phone number has been linked to scams before proceeding with any payments. He said increased public awareness of commercial crime trends was vital to avoid falling victim. 'Stay informed about the latest scam tactics by following the official social media accounts of the police Commercial Crime Investigation Department on Facebook, Instagram and TikTok,' he added. He urged the public to take responsibility for staying alert and informed, as scammers are constantly revising their tactics.
Malay Mail
4 days ago
- Business
- Malay Mail
CIMB Group names former Securities Commission head Syed Zaid Albar as new chairman
KUALA LUMPUR, June 16 — CIMB Group Holdings Bhd (CIMB) has announced the appointment of Datuk Syed Zaid Albar as its group chairman, effective July 20, 2025. He will succeed Tan Sri Mohd Nasir Ahmad, who will retire from the board on July 19, 2025. In line with the transition, Syed Zaid will be appointed as an independent non-executive director effective June 18, 2025. Mohd Nasir said Syed Zaid's leadership and extensive corporate experience across legal industry, financial and regulatory landscape will bring valuable perspective in guiding CIMB through its next chapter of growth and transformation. 'We are confident that his stewardship will provide strong guidance in driving the success of the group's Forward30 strategic plan,' he said In a statement today, . CIMB Group said that Syed Zaid is a lawyer with four decades of experience across a broad range of practice areas, with a strong focus on financial services and corporate advisory. He stepped away from legal practice in 2018 to assume the role of executive chairman of the Securities Commission Malaysia (SC), a position he held until mid-2022. 'During his tenure at SC, he played a key role in strengthening the governance, regulatory oversight and the development of Malaysia's capital markets, both domestically and internationally,' it said. Novan Amirudin, group chief executive officer of CIMB Group, said that the company looks forward to being guided by Syed Zaid as the bank executes its Forward30 strategic plan over the next six years, which anchors on the group's purpose of advancing customers and society. 'Our goal is to be the top-of-mind Asean bank, reimagining banking by embedding ourselves into our customers lives and keeping our customers at the heart of everything we do,' he added. — Bernama
