MFSA warns of ‘clone company’ advertising financial services

MFSA

An unknown entity has been impersonating a legitimate Malta-registered firm online to offer purported investment services to unsuspecting customers, the Malta Financial Services Authority warned.

The MFSA said that it had become aware of an entity operating under the name of Ages Investment Limited, which has an internet presence on www.agesinvlimited.com.

The entity, it said, was making unauthorised use of the name of a Maltese-registered company (registration number C 81374) and claimed to be based at its registered Ħamrun address, but had no association whatsoever with it. The website’s operators claimed to be “an entrepreneurial investment company based in Malta” that “offers long-term investments with daily profits and full return of initial investment deposit.”

“The website therefore appears to be a clone of the legitimate company and the public should therefore refrain from undertaking any business or transactions with the false entity,” the MFSA said.

The authority reminded consumers of financial services not to enter into any transaction before ascertaining that they are dealing with a company authorised to provide such services by the MFSA or another reputable regulator. The list of entities licensed by the MFSA can be viewed on www.mfsa.mt/financial-services-register/.

The MFSA also highlighted that its scam detection guidelines provided more information on clone companies. It advised people who fear they have been scammed, or who think that they are dealing with an unauthorised entity or any other type of financial scam, to stop all transactions with the company and contact it as soon as suspicion arises.