KUALA LUMPUR: The Securities Commission (SC) has disclosed the findings of its investigation into 10 clone firm scams, to arm investors with greater awareness on the modus operandi of these scams in order to spot and avoid them. At least 32 mule account holders have been identified to be involved in facilitating the operators of these scams, according to SC’s investigation. “Based on the 154 bank statements reviewed, the SC also found that in total, at least RM24.7mil may have flowed to several ‘masterminds’ of these scams,” SC said. The findings also highlighted that the clone firm scams will target victims/investors who are willing to part with a small amount of monies but with the expectation of making huge returns in a short period of time. “To clamp down on these illegal activities, the SC is currently reviewing the available evidence and considering various enforcement options against those involved in the clone firm scams,” it said.
