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SC Red Flags 3 Potential Clone Entities

KUALA LUMPUR: The Securities Commission has warned investors to be wary of three entities suspected of impersonating legitimate businesses.

The Securities Commission said clone entities are deceptive operations that mimic the appearance and branding of real, licensed companies.

These entities, named Zoksa, UOB Kay Hian, and Syarikat Magnisave, have been added to the SC’s investor alert list.

In a statement, SC said the clone entities are deceptive operations that mimic the appearance and branding of real, licensed companies.

They aim to trick investors into believing they are dealing with a legitimate entity, potentially leading to financial loss.

The SC has raised specific concerns about each entity.

Zoksa is an unauthorised entity operating an illegal investment scheme that involves dealing in securities without a license.

Syarikat Magnisave is misusing the name, credentials, and logos of both Magnisave Group Sdn Bhd, a licensed SC entity, and Bank Negara Malaysia.

UOB Kay Hian is an entity that misuses the name and credentials of UOB Kay Hian Securities (M) Sdn Bhd, a legitimate SC-licensed entity.

The SC strongly advises investors to exercise caution and avoid interacting with entities and individuals on their investor alert list.

These entities are not authorised to operate in the Malaysian capital markets, and any investments made through them are not protected under local securities laws.

By staying informed and verifying the legitimacy of investment opportunities before committing any funds, investors can protect themselves from scams and safeguard their financial well-being.

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