(Updated)

MOF Inc-backed AmanahRaya Investment Management issues scam alert

MOF Inc-backed AmanahRaya Investment Management issues scam alert
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KUALA LUMPUR (Oct 14): Minister of Finance Inc (MOF Inc)-backed Amanah Raya Bhd's wholly-owned subsidiary AmanahRaya Investment Management Sdn Bhd (ARIM) has issued a scam alert after it received reports that there was a website using ARIM's registration number to offer automated discretionary portfolio management services.

"We wish to inform that we do not own any other website other than www.arim.com.my.

"Please be advised not to click or respond to any suspicious link sent to you via email, SMS or any other text messaging applications," ARIM said on its website.

Meanwhile, the Securities Commission Malaysia (SC) said it has added potential clone entity known as Amanahraya Investment Management into the SC's Investor Alert list which comprises names of unauthorised websites, investment products, companies and individuals.

On potential clone entity Amanahraya Investment Management, the SC said it is a "possible clone operating an illegal investment scheme offering high returns e.g. return of RM7,500 with a minimum investment of RM300".

According to the SC, potential clone entity Amanahraya Investment Management was added into the SC's Investor Alert list due to "misrepresentation, misusing SC's name and logo".

The SC said legitimate entity "AmanahRaya Investment Management Sdn Bhd" is licensed with the SC for dealing in securities and fund management.

According to ARIM's website, Amanah Raya Bhd is a trustee company owned by the MOF Inc.

"Since its (Amanah Raya Bhd) establishment as the Department of Public Trustee and Official Administrator on May 1, 1921, Amanah Raya Bhd has served the nation for 90 years and is the market leader in providing trust, estate administration, will writing and custody services," ARIM claimed.

"The Department of Public Trustee and Official Administrator was corporatised on May 29, 1995 and commenced its operations as Amanah Raya Bhd on Aug 1, 1995," ARIM said.

Chong Jin Hun