Posted by Morewin > 2023-10-16 06:49 | Report Abuse

https://www.freemalaysiatoday.com/category/nation/2023/09/23/man-loses-nearly-rm290000-in-non-existent-online-investment-scheme/

Posted by Morewin > 2023-10-16 07:02 | Report Abuse

Modus Operandi. There will be a WhatsApp group teaching people how to invest, and they recommend using this app call nicshare. Looks like a regular investment app with statistics from the stock market. The leader of the group, Brad Goh, uses some pre-market trading, and will teach people how and when to put in money, and when to take out. So, people will put in some money, a little bit, and will get a good profit. Then, they will let you redeem the profit, but I suspect they won't let you take out the capital (I only saw the receipts for money entering, didn't see how much taken out).

Then there's this investment competition (not sure at what stage it happened) with Brad Goh as a contestant against a few big names from other countries. Looks very comprehensive. Rereading the chats, apparently they engineer a situation where Brad Goh is right at the precipice of qualifying to the next round. As in, if only top 3 can go next round, Brad Goh will be between 3rd and 4th. And in one round, he actually missed out, but there was suspicions the first place cheated or something, and the organisers sent out a notice saying he's disqualified. So Brad Goh won. I'm not sure how the competition works, but some rounds are voting, some rounds are the contestant collecting investments. This round is where I think most people put in most of their money. Note that this is what I suspect, it's not confirmed. I gets very hard to ask an elderly for details when they are shaken up.

The above is recounting what my family member went through. But browsing through the chats, there's talk about upgrading to different groups, and amongst the many qualifying criteria, one is depending on how much money you've invested in. This, I suspect is where people are persuaded to put in more to go up another level or something.

Anyway, next is when people want to take out their money. Suddenly, because of the enormous returns, the funds are suspected of fraud or something, so victims need to pay tax (a percentage of total money in account) to unfreeze it. Throughout this experience, the group will have many people chatting, making noise, with a few private chatting you as a friend. Some will be enraged at this, and be suspicious. Then these few will then change their tune, stating they paid the tax and got all their earnings back. But obviously, they won't. They will just keep asking for more, and the rest of the "participants" and friends will advocate for each other, saying they unfroze their accounts and feel relieved. So, these people prey on emotions, as in, how can it be that so many people are involved in scamming one person, and they seem genuine. And by the end, it's more sunken cost fallacy. And throughout the whole process, there'll be a group administrator (Brad Goh staff), a nicshare app customer support, and a couple of "close friends" contacting you. The customer support is the one telling you where to transfer the money to.

Posted by Morewin > 2023-10-16 07:06 | Report Abuse

https://www.sc.com.my/regulation/enforcement/investor-alerts/sc-investor-alerts/investor-alert-list

Posted by Morewin > 2023-10-16 07:12 | Report Abuse

More. Information on wikifx on NICShare.

https://www.wikifx.com/en/dealer/1315612027.html

Posted by Morewin > 2023-10-16 07:17 | Report Abuse

Screenshot of NICShare
https://ibb.co/xf9nT3B

Posted by Morewin > 2023-10-16 07:25 | Report Abuse

More Screenshot of fake NICShare Stock Trading Application https://ibb.co/ZSnVfJQ

Posted by Morewin > 2023-10-16 07:30 | Report Abuse

Apparently NICSHARE is promoted by a group of Scammers called Compound Interest Caucus or Group on WhatsApp. Maybe it's called Compound Interest Doubling Plan or Compound Interest Multiplier Plan now? If your friends has this NICShare application better ask them to cutloss as they had been scammed.

Posted by Morewin > 2023-10-16 07:38 | Report Abuse

Because honestly, there's a lot of red flags in this scam. Too much details will just be picked apart from certain users who rather insult the victim. Got a few already saying victims deserves to be scammed. I mean yea, some are greedy, but this scam preys on emotions, giving retirees a semblance of purpose in their life.

Secondly, I'm not sure how much I can share. As in, if someone approach me, I can provide names (even though fake), account names, phone numbers in case some of them coincides with what the victim has encountered. This may help convince them that it's a scam. And I'm saying this because it is hard to convince people who are totally bought in.

Anyway, did read around forums and contacted some, and some of the main repeated names are Brad Goh (stealing the name and photo of a investment youtuber), Nora, Wendy and Joanne. It's a WhatsApp group with about 70 people, and I tried testing out around 20-30 of them, and even when I'm picking randomly, all these are accounts in cahoots. But the few names I mentioned were also encountered by a few other victims I contacted before. Account names include nova plus, nic share, Borneo premium builders.

Note, I'm not saying the real brad Goh is behind all this, but his name and pictures are being used. It could be him, and it might not be. I already consider his investment teachings a scam on its own anyway, so wouldn't put it past him.

Ok, anyway, summary.

Group WhatsApp chat teaching you how to invest. Various people with various random accounts will act like they are participants, with a few admins teaching you how to use the app. At first, they let you take out a bit and it works, to convince people the app is legit. Then they engineer situations that require you to invest more, with more upside.

When you want to take money out, they will engineer situations where the account it frozen, need to pay "tax" to unfreeze it. Here, people go through sunken cost fallacy and get blinded by the potential losses and make some last ditch attempt to get their money out.

Posted by Morewin > 2023-10-16 07:58 | Report Abuse

Here's another starting line used by Scammers. "Good evening, I am your old friend Ziet. I am very glad to meet you here, and thank you for your support. Let me teach stock knowledge and share high-quality stocks in the compound interest club. Let me introduce myself here: I am Malaysian Stock Analysis teachers and market researchers. New and old friends who are online at night, please reply: We met because of stocks" sounds familiar?

Posted by Morewin > 2023-10-16 08:01 | Report Abuse

These NICshare scammers from Compound Interest Club are very smart. They change bank accounts every week to receive money from Malaysian public to recharge their NICShare wallets to avoid detection by the authorities. The list of last known bank accounts used by these Scammers extracted from bank in slips posted by the scammers in the Compound Interest Core Group to entice the other members to bank in money to recharge their NICShare wallets are as follow:
1. Hexagon Stone S/B
AmBank a/c no. 8881054830948
2. Shawn Sucess Builders S/B
Bank Islam a/c no. 14256010038444
3. Borneo Premium Builders S/B
CIMB Bank account no. 8605627938
4. NIC Capital Markets
Hong Leong Bank account no. 06401006504
5. Nova Plus Trading
Hong Leong Bank account no. 18701039547

Posted by Morewin > 2023-10-16 08:13 | Report Abuse

More Screenshot of Scammer?
https://ibb.co/CKN7KFW

Posted by Morewin > 2023-10-16 08:20 | Report Abuse

Sample of post by Scammer called Ziet used to entice potential victims to bank in cash to NICShare.
" Starting next week, I will spend more time and energy dealing with the various transactions of the (Compound Interest Multiplier Plan) combat group.
No one can stop the battle of (Compound Interest Doubling Plan), it will be an epoch-making milestone, representing a new way of doing things, opening a new door for us, countless opportunities, huge profits, we will work together go ahead.
I have a lot of content for you in (The Compound Interest Multiplier Plan).
Like I said, not only do I want you to make a profit, I want you to make a profit.
Not only can you eat meat, but you can also learn to hunt, including day trading, long-term value trading, collective control trend trading, technical learning, project research, NFT projects, and metaverse projects."

Posted by Morewin > 2023-10-16 08:58 | Report Abuse

More scam lines used by Scammer Ziet to entice potential victims.

"I received messages from some students about how 0242 has been locked for more than a month and what should be done now. I give operational suggestions here: first, continue to hold, wait for the rebound to 1.13 and sell, second method: last week we used (NICSHARE securities account) to make a 70% profit in pre-market trading, for example, 0242 holds 10,000 funds , currently down 10%, with a loss of 1,000. Then use (NICSHARE securities account) to buy 2,000 pre-market transactions, and 70% of the weekly profit is equal to 1,400. Then you can use the profit of 1,400 to make up for the loss, and you can sell 0242 and use After the minimum capital of 2,000 is profitable, the locked capital of 10,000 is sold, so that the profit is 10,400 plus 1,400, and a profit of 400 is made. At the same time, the locked 10,000 capital can be released."

Posted by Morewin > 2023-10-16 09:35 | Report Abuse

This is how Scammer Ziet promote fake NICShare stock trading application to unsuspecting victims in the Compound Interest Club on WhatsApp

"Some students are still thinking about the formality of the platform. I, Ziet, also trade in this NICSHARE securities account. All our contestants trade here. There is no abnormality, and everyone can freely enter and withdraw funds. This is the regulatory license of the platform, you can check it.
The company has obtained the US MSB financial license:
MSB registration number: 31000244589516
Registration Type: Initial Registration
Legal name: ShareBuilder APP llc.

The name of the company's digital financial service platform is: NicShare

Query financial license: https://www.fincen.gov/msb-state-selector
Financial permit license inquiry address (when inquiring about the authenticity of the license, only enter the company in the LEGAL NAME box
The full name of ShareBuilder APP llc can search for the company's financial license)

Posted by Morewin > 2023-10-16 09:41 | Report Abuse

The Scammers will allow you to make successful withdrawals from your NICShare wallet for one or two times. After that they will refuse withdrawals. Anyway, next is when people want to take out their money. Suddenly, because of the enormous returns, the funds are suspected of fraud or something, so victims need to pay tax (a percentage of total money in account like 30%) to unfreeze it.

Posted by Morewin > 2023-10-16 09:52 | Report Abuse

Here's a sample interection with NICShare Customer Service by victim of the NICShare Scam.

[9/13, 19:38] 联系人 139281564: We will wait for the bank's review here. Please wait a moment.
I'll check it for you here. Just wait and I'll notify you of any news.
Okay, you can call me Amy
Waiting for bank approval
Okay, let me check it for you
Your side has been intercepted by the Malaysian Revenue Department! You didn't pay taxes, so you need to pay 30% tax to unfreeze. When will you have time to pay?

Posted by Morewin > 2023-10-16 09:59 | Report Abuse

To add on, anyone having issues proving to your family/friend that it's a scam, post here. Seriously, it can be very very difficult to convince victim one, because the scam quite elaborate. Or if anyone just wan more details, feel free to ask. Money dah terbang, this is just awareness.

Btw, in terms of what to do once realise, that one I dunno. I ikut instructions online, call national scam hotline, report polis and call bank scam hotline also no use. The bank scam hotline is the worst, zero effort at all, don't know create a hotline for scam for what.

Posted by Morewin > 2023-10-16 10:37 | Report Abuse

Article in BM on NICshare Scam.

https://www.mstar.com.my/lokal/semasa/2023/09/23/baru-kenal-sebulan-dah-buat-7-transaksi-perbankan-lelaki-kerugian-lebih-rm289000-diperdaya-skim-pelaburan

Posted by Morewin > 2023-10-16 11:29 | Report Abuse

Anyone got elderly kat rumah use the app call Nicshare or say got friend intro investment under the keywords "brad Goh" or "the trading geek", "Ziet", "Compound Interest Caucus or Group" ,"Compound Interest Doubling Plan", "Compound Interest Multiplication Plan", "Jeanie Compound Interest Group", Aileen/Amy from NICShare Customer Service", NICShare Bank" alert them immediately.

People here pandai pandai, hope they won't kena one, so this is more for you guys to look out for the others around u.

Posted by Morewin > 2023-10-16 12:12 | Report Abuse

Here's the link on the scammer's NICshare Customer Service & NICShare details. View at own risk!

https://ibb.co/BtvkkDQ

Posted by Morewin > 2023-10-16 13:03 | Report Abuse

NICShare is also on Security Commission's Investor Alert List:
Carrying on unlicensed capital market activities of dealing in securities
https://www.sc.com.my/regulation/enforcement/investor-alerts/sc-investor-alerts/investor-alert-list

Posted by Morewin > 2023-10-16 13:08 | Report Abuse

Apparently NICshare App is also active in Thailand.

https://thailand.postsen.com/technology/196987/Do-not-download-these-2-dangerous-applications-that-trick-you-into-investing-Found-on-both-iOS-and-Android-iPhones.html

Posted by Morewin > 2023-10-16 13:33 | Report Abuse

If someone called Ziet or Jeanie from the Compound Interest Club invites you to join via WhatsApp or Facebook for free investing advice on KLSE Forum becareful as nothing is free.
Screenshot of Compound Interest Club or Compound Interest Caucus, or Compound Interest Doubling Plan or Compound Interest Multiplication Plan.
https://ibb.co/JttPWnx

Posted by Morewin > 2023-10-16 15:27 | Report Abuse

Compound Interest Multiplier Program Club could be the scammer's new name on WhatsApp. Refer link for details.

https://ibb.co/1G0DnCB

Posted by Morewin > 2023-10-16 19:34 | Report Abuse

Scammer's pix?
https://ibb.co/wZHJwwh

Posted by Morewin > 2023-10-17 11:35 | Report Abuse

These NICshare scammers from Compound Interest Club are very smart. They change bank accounts every week to receive money from Malaysian public to recharge their NICShare wallets to avoid detection by the authorities. The latest known bank account used to receive cash from potential NICShare victims is:

Sparkle Global Trading Sdn. Bhd.
Ambank A/c No. 8881055356747

Posted by Morewin > 2023-10-18 10:03 | Report Abuse

Nicshare Scam for Chinese speaking friends.

https://johor.chinapress.com.my/20230923/%E5%9D%A0%E5%85%A5%E9%AB%98%E5%9B%9E%E9%85%AC%E6%8A%95%E8%B5%84%E9%99%B7%E9%98%B1-%E9%80%80%E4%BC%91%E5%85%AC%E5%8A%A1%E5%91%98%E7%97%9B%E5%A4%B128%E4%B8%87/

Posted by Lee Kam Loong > 2023-10-19 11:15 | Report Abuse

The other two scam trading platforms are BARINGS & PSLUS. I have deposited money, made a lot of profit, but when I wanted to withdraw, alll sorts of excuses were given. Finally they removed me from the group. What can I do? These platforms are not registered locally. I reported to Securities Commission, but they are useless. They just ask me to submit all relevant info but they never contact me after that.

Posted by Lee Kam Loong > 2023-10-19 11:23 | Report Abuse

Other scam investment groups are using the names of Ziet, HY Investing, Allan Cheong, Rayner Teo, Lee Ming Hui, Professor Tang, Jerry, etc...., which are probably not their real names. In fact, Ziet, Rayner Teo and HY Investing have actually posted in facebook about the hijacking of their profiles..

Posted by Lee Kam Loong > 2023-10-19 11:24 | Report Abuse

Many members of the group are actors and accomplices, and they group together to prey on your emotions, and, sad to admit, GREED......😥

Posted by Lee Kam Loong > 2023-10-19 11:31 | Report Abuse

The many bank accounts used by these platforms for depositing money are all local accounts in HLB, CIMB, etc... I have furnished them to Securities Commission. Yet they are unable, or unwilling, to trace these scammers.....😥

Posted by Morewin > 2023-10-19 16:38 | Report Abuse

@Lee Kam Long Thanks for your posts. Appreciate can provide more details on this Nickshare Scam for Public Awareness especially at KLSE forum. We believe they are actively promoting to unsuspecting victims to buy shares in Bursa such as UEMS, Bahvest, Classita, Parkson, Myeg to name a few using this fake Nickshare Stock Trading App. This Scammers called Nicshare an Institutional Account to buy so called cheap shares in premarket trading?

Posted by asasx2s > 2023-10-19 18:25 | Report Abuse

@Morewin @Lee Kam Loong There are more ppl are in the pipeline

Posted by Morewin > 2023-10-19 19:05 | Report Abuse

@asasx2s Yes, more people should come forward to post their own or friend's experience to keep Klse Forum safe from this Scammers & Predators and also for Public Awareness. The more people aware of these ongoing Scams active on WhasApp groups & Facebook the better.

@Morewin @Lee Kam Loong There are more ppl are in the pipeline

Posted by asasx2s > 2023-10-19 19:37 | Report Abuse

@Morewin Maybe they don't know how to proceed or too lazy :-(

Posted by Morewin > 2023-10-19 20:04 | Report Abuse

@asasx2s Maybe you can start the ball rolling by sharing your own experience or knowledge of such scams or the least that can be done is to alert these victims to share experience here for public interest since hundred thousands of hard earned money has been scammed?

Posted by asasx2s > 2023-10-19 20:12 | Report Abuse

@Lee Kam Long How to make report to SC?

Posted by Batmain > 2023-10-22 18:28 | Report Abuse

I am part of a whatsapp group teaching us the market and we were asked to vote at this site. Looks exactly like your pic. We have given everyone there a warning but they have many different groups.
https://tzzspxds.com/

Posted by Batmain > 2023-10-22 18:32 | Report Abuse

They have not asked anyone to open any account. They did recommend M+ account. Maybe they changed their modus operandi

Posted by Batmain > 2023-10-22 18:39 | Report Abuse

The so called teacher is using this guy's profile pic, he is named Dick there.
https://youtube.com/@johnlutalkstock?si=tqQIVCSGnTBVUera

Posted by Morewin > 2023-10-22 20:07 | Report Abuse

@Batmain Tks for sharing your experience on this thread. What's the name of your WhatsApp Group? Last time it was called Compound Interest Caucus, Compound Interest Group, Compound Interest Core Group etc. We think the new competition you highlighted above is made up of 2 parts i.e. Popularity Competition until 16 October & 2nd Part starting 24 October Earnings Competition. We think when the Earning Competition starts from 24 October, this scammers will ask you to open a fake stock trading account like Nicshare maybe called another name and to start banking in money then that's when the actual Scam starts? For your info this Scammers are real professionals with many supporting actors in the group as it normally starts as a normal stock trading teaching to gain potential victims confidence over a period of weeks with really good stock tips before they start promoting their fake stock trading App to you?

Posted by Batmain > 2023-10-23 14:08 | Report Abuse

It's called Dick Stock Market Doubling Club

Posted by Morewin > 2023-10-23 15:40 | Report Abuse

@Batmain Tks for sharing. The name of your WhasApp group sounds familiar?

Here's a sample of the teaching from the previous group. Looks like the same group of scammers with different name this time?

"Good evening, classmates
Tonight is the last day to sign up (compound interest doubling plan)!
Please take the time to prepare your funds and arrive at the team of your choice.
If you are ready, please register with me in time.
If you still need time to prepare, please contact me to reserve your spot.
Online students replied: Next week (the compound interest doubling plan) will set sail"

Posted by Morewin > 2023-10-23 18:42 | Report Abuse

Batmain
"It's called Dick Stock Market Doubling Club"

@Batmain Does your WhatsApp Group "Dick Stock Market Doubling Club" has similar introduction shown in link attached? If yes, probably they from the same group of scammers.
https://ibb.co/KL2LFwX

Posted by joanamelo > 2023-10-26 10:24 | Report Abuse

That's bad to hear and you should be careful from them. However, as we are discussing scams, you should hear about Joaquim Coimbra's 137.4 million euros scam.

Joaquim Coimbra, a former Portuguese high-net-worth individual who declared bankruptcy with debts of 137.4 million euros, the businessman who made a fortune in the pharmaceutical business was a shareholder in the bankrupt BPN and BPP and was part of the PSD bodies, during the country's financial crisis, has found a new foothold in Cape Verde. Teaming up with the Vasconcelos Lopes family, they oversee the pharmaceutical industry in the country via Inpharma.

To read more in full details, click here: https://www.jornaldenegocios.pt/empresas/amp/joaquim-coimbra-perde-tudo-e-vive-com-pensao-de-3816-euros

Posted by consulting24 > 2023-10-26 11:12 | Report Abuse

I'm truly sorry to hear about this situation, and it's important to emphasize that what you've described appears to be a classic example of a financial scam. Scammers often use complex strategies and emotional manipulation to deceive people. It's crucial for anyone involved in such schemes to be cautious and skeptical.

If you or your family member have concerns about the legitimacy of any investment or financial opportunity, it's highly recommended to seek advice from a qualified financial advisor or consult with appropriate authorities to ensure your financial safety and the security of your investments.

Remember, genuine investments don't typically involve hefty fees for tax payments or require ongoing investments to release your capital. Always exercise caution, and if something sounds too good to be true, it often is. Thank you for sharing this information, as it serves as a valuable reminder for everyone to remain vigilant in the world of finance.

Posted by Batmain > 2023-10-26 12:38 | Report Abuse

@Morewin, yes its the same.

Posted by Morewin > 2023-10-26 15:26 | Report Abuse

@Batmain Tks for the confirmation. Are you still in the WhatsApp Group? If yes, care to share what's going on now in the group. Actually you are only in the general group for the Scammers to identify potential victims before to adding them to another Core Group for the actual scam and intro to a fake trading app like Nickshare begins.

Posted by Morewin > 2023-10-27 10:29 | Report Abuse

@maxlau1223
These Scammers from NICShare/Compound Doubling Interest Scam use complex strategies and emotional manipulation to deceive people.

Modus operandi.
They entice potential victims in Facebook or Instagram with sponsored advt. offering free investment & stock market advise. Once you are in their WhatsApp Group e.g. Dick Doubling Interest Club, Teacher leading the class will first offer good tips to students on what stocks to buy in Bursa such as Myeg, Harta, UEMS etc. These tips are always spot on and students will always get good profit on their trades. Suspect Scammers are in cahoot with fintec syndicates on Bursa to manipulate the shares as the Teacher seems to know which stock the syndicates will pump or dump next. This free teaching lessons with good stock tips will last a period of weeks. In between, students will be invited to vote for the teacher in a international popularity contest. Once the students are convinced by the Scammers, they will be informed in the 2nd stage that the Teacher has entered the Earnings Competition stage. In order for students to continue to stay in the WhasApp group to get good tips from Teacher, they need to download & use a stock app like Nicshare to trade shares so that Teacher will advance in the Earnings Competition. This Nicshare App works like your normal Stock Trading app from Rakuten or M+. Only difference is that you need to recharge your Nicshare wallets by banking in money to Malaysia bank accounts provided by Nicshare customer service. Initially the Scammers will approve withdrawals of stock profit from your individual accounts to gain your trust. For more details on the Nicshare Scam pls. read link below. Tks
https://klse.i3investor.com/web/forum/forum-thread/909089568
maxlau1223

Hi morewin, not sure I understand what you mentioned, but do you mean that they ask public to bank in money by saying they will help them to manage funds in stock market? I mean how hard can it be for the public to invest in stock market themselves?

Posted by Morewin > 2023-10-27 18:33 | Report Abuse

@Lee Kam Loong Tks for sharing your clarification on this Nickshare Scam.

@maxlau1223
What Morewin is saying is these scam investment groups will ask you to recharge your Nicshare trading platform via banking into local accounts so that you can trade in pre-market trading, foreign stocks, etc.. and make good profits. Only catch is Nicshare is not a locally registered trading platform and when Nicshare abscond, there is no way to get back even your capital, let alone your profits.