⚠️ Scam Alert: Potential Fraud Involving Stock Trading and Other Related Services via Mobile Application

 

We have been alerted that external parties may be posing as related companies of Quantedge Capital in other countries, notably Malaysia and Hong Kong, or falsely claiming to be representing or in partnership with Quantedge Capital, in offering stock tips, trading courses and other investment opportunities in an attempt to defraud members of the public. These external parties may advertise their services or products via online websites, mobile applications available for download on Google Play Store or Apple App Store, or social media websites, and utilize other online communication platforms such as WhatsApp. Through such channels, these external parties may also offer "live courses" on trading strategies, stock lending services, "direct market access" to stock markets, and profit or commission sharing arrangements. They may also offer partner loyalty programs and promise other rewards for making deposits and referring other clients to them. 

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In one variation of such scams, the perpetrators reach out to potential victims via text messaging and social media platforms (e.g. WhatsApp, Facebook) promoting “trading courses” or investment opportunities with promises of high returns. These platforms are often populated by co-conspirators masquerading as satisfied customers or investors, who falsely attest to the legitimacy and success of the investment opportunity. The perpetrators will claim to be regulated entities and may even provide copies of business registration certificates of companies which are forged or do not belong to them.  The victims are subsequently directed to download a mobile application or access a website, and transfer monies to mule bank accounts in the name of third parties. After an initial investment is made, the victims are then shown fictitious profits to mislead them that their capital has grown, and are encouraged to make further investments. However, when the victims attempt to withdraw their funds, they encounter obstacles and are instructed to make additional payments - such as further investments to meet a minimum withdrawal threshold, or to pay purported capital gains taxes that must be paid before the balance profits may be released. Some of these requests may even be substantiated from fabricated documents from foreign regulators and tax authorities. Eventually, the victims realize that they have defrauded, at which point the scammers cease all communications. For more information, please see the following press release on QC Secure: https://www.nst.com.my/news/nation/2025/04/1197840/pahang-company-manager-scammed-out-rm703000-10-months.

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These are samples of the fake mobile applications and websites that have been brought to our attention.​

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​Please note that Quantedge Capital only has offices in Singapore and New York. Quantedge Capital does not have any offices in Malaysia or Hong Kong or any other countries, and does not operate any mobile application. Quantedge Capital does not offer any trading courses, stock lending or trading services, or any of the above-mentioned arrangements or programs. Further, Quantedge Capital will never request any investors to transfer funds via any mobile application.

 

Stay vigilant and report any suspicious activity to the relevant authorities immediately. If you are unsure or have any helpful information to provide, please contact us at [email protected].

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For more information on how to protect yourself against scams, please visit www.scamshield.gov.sg.