Recently, BrokersView received a complaint from a user claiming to have been scammed by a broker named Adwise Capital. We first thought this was a new scam in the market. To our surprise, however, after some investigation, we found that Adwise Capital is none other than Capital Raising Ventures International (hereinafter referred to as CRVI), which has been the subject of numerous complaints from traders at the beginning of this year.
Between February and March of this year, BrokersView received several complaints from traders that CRVI had defrauded them by placing fake investment ads on Facebook. The scammer targeted Malaysian investors, especially beginners. The scammer deceived people into investing by making false promises, and faked the illusion of profitability to trick investors into paying withdrawal fees.
BrokersView is going to tell you what the victims have experienced to help you avoid Capital Raising Ventures International (Adwise Capital) scam.
One investor claimed that she saw an advertisement for the broker on Facebook and joined a group chat about investing. One of the administrators in the group recommended a broker called Adwise Capital, claiming that investing here could yield good returns.
According to the screenshots provided by the victim, the deposit required by Adwise Capital ranged from RM300 to RM1,500, while the minimum profit was RM8,899, with an interest rate of nearly 3,000% and an investment period of only 3 hours. It is worth mentioning that such interest rates are unrealistic and cannot be realized in the regulated and legal investment market.
Seeing this "investment opportunity", the victim decided to join and contacted a staff named Rosmini, who received RM300 and registered an account for the victim on CRVI's website, falsely claiming that the trading process had begun.
A few hours later, the scammer claimed that the company's trader had made money for her and approached the victim on another chat account, pretending to be from the judiciary. The scammer claimed to be a government official from the Malaysian judiciary, pointing out that the victim's account was suspected by the authorities for making profits from overseas and was under investigation, so the investor was not allowed to withdraw funds in US dollars. In order to resolve the issue, the investor had to pay a "lawyer's fee" of RM4,600 to withdraw the funds.
The victim paid the fee as requested by Adwise Capital and the "officer", but saw no sign of the "profit".
Furthermore, this investor is not the only one who has been scammed by Rosmini and CRVI, as we found the name Rosmini in another user's complaint.
Another investor was victimized in a similar way, except that the scammers promised her even more exaggerated profits - a deposit of RM360 would bring her RM14,210 in 4 hours, a profit margin of 4,000%!
The investor invested RM300 and "earned" RM22,560! This income mesmerized her and made her believe the scammer, who said she would get the profit as long as she paid the withdrawal fee. The victim ended up being cheated a total of RM2560.
She regretted it so much that she exposed the scammers' bank accounts and warned others not to fall for the scam.
Both Capital Raising Ventures International and Adwise Capital are essentially scams run by criminals with the sole purpose of defrauding people.
According to a warning issued by the Securities Commission Malaysia (SC), this scammer also goes by the name of Millennial Investment.
Faced with the dizzying array of scams, it is difficult for investors to tell the difference between the real and the fake. But remember, there is no such thing as easy profits when investing in Forex. Brokers who promise easy profits are scammers because legitimate brokers have a duty to warn investors about the risks of the market.
If you have questions about your potential brokers or are curious about whether a broker has a Forex license, you can ask us and BrokersView will answer them for you free of charge.