Beware of Net scam, warns SC
27th February 2007 (The Star)

KUALA LUMPUR: The Securities Commission (SC) has frozen two accounts with fund worth RM1.6mil, closed two websites and questioned several individuals believed to be linked to a global Internet investment scam run by Cambridge Capital Trading.

The commission said in a press statement that the scam was being investigated for possible breaches of the Anti Money Laundering Act 2001.

The investigations, it said, were triggered by a request for assistance from the Dubai Financial Services Authority, which was carrying out its own investigations.

The investigations by the SC led to a restraining order on the signatories of the two Malaysian bank accounts linked to the scam, barring them from having any dealings with the respective accounts.

It said the SC had also secured the assistance of the National ICT Security and Emergency Response Centre to close two websites linked to Cambridge Capital Trading that were hosted via an Internet Service Provider (ISP) in Malaysia.

The SC warned investors against the fraudulent investment scheme operated by Cambridge Capital Trading, which has thus far targeted Australian and Singaporean investors.

It said the scam operators had been calling the public to invest in a host of products that were purportedly traded on the fictitious Dubai Options Exchange.

"Investors should be wary of the claims on the Cambridge Capital Trading and the Dubai's Options Exchange's websites, www.cambridgecapitaltrading.com and www.dubaiex.com, which are still accessible as they are now hosted by a foreign ISP," it said.

It also cautioned investors on a third fake website linked to Cambridge Capital Trading which is the United Arab Emirates Commodity Futures Board or www.uaecfb.com.

The public are advised to alert the SC immediately if they receive such cold calls by contacting the Complaints Department at 03-6204 8999 or send a fax to 03-6204 8991 or send an e-mail to adua@seccom.com.my.

The public, the commission said, should be vigilant against possible Internet investment scams.

The public is also advised to check with the SC or other relevant authorities on the licensing status of any local or foreign company before investing through such companies.