Malaysia SC Flags Potential Maybank Trustees Clone and Other Investment Risks

Malaysia’s Securities Commission (SC) added “Potential Clone Entity – Maybank Trustees Berhad / JPMICC Trading Sdn Bhd” to its Investor Alert List on October 28, 2026, following an earlier batch of warnings on October 22.

The latest entry cites misuse of Maybank Trustees Berhad’s name and credentials to conduct an illegal investment scheme, as well as misrepresentation and misuse of the SC’s name.

Warnings Cover Different Types of Risk

The October 22 update contained 12 entries. The selected entries examined below cover potential clones of legitimate financial firms, illegal investment schemes, an unregistered digital asset exchange and fraudulent recruitment advertisements.

The full October 22 announcement also included Potential Clone Entity – KDX Malaysia, BNOP Asset Management and Potential Clone Entity – Sinegy Technologies. The October 28 addition was a separate update.

A potential clone warning concerns an impersonator using another firm’s identity. It should not be read as an allegation that the genuine firm is operating the scheme.

Potential Maybank Trustees Clone Added on October 28

The October 28 entry names “Potential Clone Entity – Maybank Trustees Berhad / JPMICC Trading Sdn Bhd”. The remarks identify misuse of the credentials of Maybank Trustees Berhad (CMSP/0009/2022), a capital market service provider with the SC.

A document associated with the warning presents a purported “Investment Fund Custody and Regulatory Compliance Statement” claiming custody arrangements and oversight involving Malaysian authorities. The image is marked “FAKE”; those claims must not be treated as evidence of genuine custody or regulatory approval.

Purported custody and regulatory compliance statement bearing a “FAKE” watermark.

SP Investment Management Identity Misused

The October 22 potential-clone entry concerning SP Investment Management Sdn Bhd cites misuse of the name and credentials of the genuine SC-licensed portfolio fund manager, identified as CMSL/A0125/2007, for an illegal investment scheme offering high returns.

The remarks also cite misrepresentation and misuse of the SC’s name and logo. The promotional image welcomes new investors under the firm’s name and displays multiple institutional logos, but is marked “FAKE”.

Promotional material impersonating SP Investment Management, marked “FAKE”.

Potential Kenanga Clone Promotes Investment Plans

The Kenanga Investment Bank Berhad potential-clone entry cites an illegal investment scheme misusing the genuine licensed firm’s name and credentials, eCMSL/A0008/2007, together with the SC’s name and logo.

The advertisement presents investment plans with purported profits far exceeding the stated contributions and displays several institutional logos. These are claims in the fake advertisement, not investment terms offered by the genuine bank.

Fake investment advertisement misusing Kenanga Investment Bank’s identity and promising substantial profits.

Investment Platforms and a Separate Exchange Warning

Other selected October 22 entries identify the following websites and concerns. The Biconomy exchange entry and the potential clone are separate records with different regulatory reasons.

• Potential Biconomy clone — biconomy.my: an illegal investment scheme offering high returns and unlicensed securities dealing.
• Biconomy — biconomy.com: operating a digital asset exchange (DAX) without registration.
• Golden Investment Islamic — goldenlnvestment.com: an illegal investment scheme offering high returns and unlicensed securities dealing.
• Potential Expert Option clone — expertize0ption.com: an illegal investment scheme offering high returns and unlicensed securities dealing.
• Wise Market Zone — wisemarketzone.com: operating an illegal investment scheme and carrying on unlicensed securities-dealing activities.
• Auto5crypextrad — auto5crypextrad.net: operating an illegal investment scheme and carrying on unlicensed capital market activities involving dealing in securities.

The presence of an entry on the warning list does not by itself establish a criminal conviction. Investors should check the exact domain and the specific activity identified in each record.

Fake Recruitment Advertisements Misuse SC Identity

The October 22 list also included a job scam misusing the SC’s name and logo. In a separate recruitment scam advisory, the regulator warned that fake social media advertisements may contain QR codes or links intended to obtain personal information or access online accounts.

The recruitment advertisement advertises supposed SC vacancies and includes an application QR code. The image is marked “FAKE”. It is an example of impersonation, not an authentic SC recruitment notice.

Fake recruitment advertisement misusing the SC’s name and logo.

The SC advises people not to scan QR codes, click links or provide personal information or account credentials in response to such advertisements. Verify purported vacancies through its official website or official communication channels.

Investors should also verify financial firms and their contact details independently. The SC’s Investor Alert List is not exhaustive, and the regulator advises the public against dealing with unauthorised entities.

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