Public warned against suspicious websites luring investments in Saudi Arabia

RIYADH: The Ministry of Commerce and Investment and the Capital Market Authority(CMA), together with the Saudi Arabian Monetary Agency (SAMA), has warned the business community against dealing with suspicious websites calling for investment and trading in securities.

According to a statement issued here on Monday, the Ministry of Commerce and Investment issued a stern warning that legal actions would be taken against such suspicious websites or individuals, who call for investment and trading in securities, without licenses from the competent authorities, including Forex activities.

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It is alleged that those suspicious websites promote investment opportunities online and through social media promising quick returns. “This may expose innocent people to fraud, manipulation and losses,” it said.

The statement urged the business community to exercise utmost caution in such dealings by avoiding activities from unscrupulous organizations and individuals.

Lists of persons and institutions licensed to practice such trade activities can be found on the Saudi Arabian Monetary Agency website (www.sama.gov.sa) and the Capital Market Authority website (www.cma.org.sa).

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The CMA has pointed out that a number of such suspicious websites have been closed in coordination with the relevant authorities. However, due to the ease of establishing new sites, the authority confirmed that the best way to eliminate such practices is to raise awareness about the risks of dealing with such suspicious sites.

Source Credit: Arab News

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