The Permanent Committee for Awareness and Warning against the activity of trading in securities in the unlicensed foreign exchange market warned all citizens and residents of the methods used by unlicensed companies and persons to trap their victims and promote fake investments in unlicensed forex including virtual currencies and illegal business in the Kingdom.
In this regard, the Committee warned citizens and residents against revealing the data on their bank accounts to any party, whether for investment or otherwise, without ensuring the reliability of these bodies by referring to official websites and other approved official means.
The committee indicated that the authorities and people who engage in these fraudulent acts use many methods to circumvent the public, the most prominent of which is the claim that they are affiliated with government agencies and provide the victim with fake investment models and request From the victim, transferring an amount of money to start investing, and then they cut off communication with the person after getting his money. Among the forms of fraud is also that those unlicensed parties claim that they are from an investment company licensed in the Kingdom, as they ask to open a new current account in a local bank claiming that it is for the purpose of receiving profits and they request sharing the secret numbers of the bank account. Then, real money is received in this account from other victims, so later those unauthorized persons or companies can seize these funds and transfer them outside the Kingdom, and the victim, the owner of the bank account, is responsible before the competent authorities because of the use of his account in criminal acts.
It should be noted that the committee recently monitored calls for unlicensed investment through paid advertisements made by unlicensed companies through social media influencers or websites. The committee warns against drifting behind these ads, emphasizing that whoever advertises and promotes this type of unlicensed investment puts it under liability and legal deterrent actions will be taken against misleading advertisements.
The committee calls on everyone not to respond to these misleading advertisements and not to deal with these unlicensed companies, regardless of their diversity, and to report this to the competent authorities so that the necessary measures can be taken.
It is noteworthy that the permanent committee, whose formation was directed by the High Commissioner, is concerned with raising awareness and warning against the activity of trading in securities in the unlicensed foreign exchange market, "Forex" and marketing unlicensed digital currencies in all their names and derivatives. It is chaired by the Financial Market Authority and includes in its membership the Ministry of Interior, the Ministry of Information, and the Ministry of Commerce. And the Saudi Arabian Monetary Authority
The committee works in constant coordination with the relevant government agencies to limit the phenomenon of marketing for investment and trading in unlicensed forex activities, as well as dealing in unlicensed virtual digital currencies and confronting them, noting that the regulatory authorities in the Kingdom follow up on suspicious practices and control, monitor and deal with these violations according to what It is required by the regulations in force in the Kingdom.