In a statement today, SC said these scams, mostly involving private placement offerings, are usually timed with upcoming IPO listings published on Bursa’s website.

“Perpetrators of these scams, posing as ‘agents’, usually create a public group on WhatsApp to promote these pre-IPO investments.

“Following this, potential victims will be added to the said group unsolicited,” it said.

The SC said these schemes may be accompanied by fake testimonials from other investors to appear credible.

“Payments for the ‘subscription’ will be required to be made to bank accounts belonging to entities, not related to the IPO and suspected to be mule bank accounts,” it said.

The commission also noted that on the listing day, “agents” will claim that the shares have been listed and have made profits, prompting additional payments for the shares to be allotted.

“This is fraudulent, and is to convince the victims to give more money,” it added.

To date, the SC has received various complaints and inquiries from investors reporting substantial losses, exceeding RM800,000.

The SC is expected to take this matter seriously and will continue to monitor and take appropriate action against such investment scam activities.

“The public is advised to be vigilant in evaluating investment offers, ensuring that they do not transfer or deposit money into suspicious accounts.

“They should also verify investment offers through the SC investment checker at www.sc.com.my/investment-checker,” it said.