Announcement on Scammers Using I-Max Financial Name

Announcement on Scammers using I-Max Financial Name

7th Feb 2023

Dear Sir/Madam,

We have been contacted by victims who have been scammed by fraudulent parties using the name, logo and pictures of I-Max Financial Sdn Bhd and our members. We have lodged police report however, there will always be scammers and it’s almost impossible to completely prevent the scammers from using our name, logo and pictures.

We feel sorry for the scam victims and we hope to educate the public about what we do and some examples of these unscrupulous schemes so that you can make a well-informed decision and guard yourselves against such scams.

 What We Do

I-Max Financial is an Approved Financial Adviser licensed by Bank Negara Malaysia and the Securities Commission. Please be advised that we DO NOT collect insurance premium OR investment monies from client as these are paid by the client directly to the representative insurance company or fund house.

Examples :

1. Personal Loan Scams

  • I-MAX is a financial advisory firm mainly dealing in insurance and investment products. We DO NOT offer any personal loan products as we are not licensed to do so.

2. Guaranteed Profit Investment

  • I-MAX does not offer any guaranteed investment packages. We work with established fund houses to offer regulated investment products such as unit trusts, private mandate accounts, private retirement plans, etc. Client’s investment funds are transferred to trustees or fund management company’s accounts, NEVER to individual bank accounts.
  • This is an example of how the scam is run,
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– Victim will be Invited to a WhatsApp group which has I-Max company logo and the name I-Max Financial as the subject to lend credibility.

– Scammers will then offer various investment packages claiming that they can turn RM500 investment capital into RM30,000-40,000 in 8 hours.

– In the WhatsApp group, there will be numerous people posing as genuine clients.

– These fake participants will begin to show their capital deposits and proof of successful withdrawals.

– They will also show off luxury items such as golds, new cars, performing Hajj, etc. paid with the profit from the “investment” to convince real victims to throw more money into the scam.

 

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– When the victim wants to withdraw his/her funds, the scammers will ask for more payment, claiming it is for brokerage fees but the truth is, the victim is just throwing more and more of his/her hard-earned money or sometimes, borrowed money to the scammers, with slim hopes of ever getting it back.

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IMPORTANT : If you doubt the authenticity of the representative you’re speaking to, please feel free to verify with our office at +603 – 8011 9632 (Mon – Fri : 0900 – 1700 hours)

or verify via Securities Commission Malaysia (SC)’s Investor Alert List. The Investor Alert List contains list of unauthorised websites, investment products, companies and individuals.