- Published on Thursday, 21 September 2017 12:23
A fake news report about a new investment scheme using the name of Malaysia’s richest man has been circulating online.
The news report which uses a fake CNN headline has prompted the media shy billionaire to issue a statement through his Malaysian company Kuok Brothers Sdn Bhd, Sin Chew Daily reports.
According to the statement issued by the company, Robert Kuok is not involved in any capacity in the investment scheme which promotes Binary Options trading.
Binary Options is a form of unregulated trading where the trader predicts whether a particular stock will rise or fall in a short period of time, compared to traditional trading that involves the purchase of stock, ABC News reports.
If their prediction pans out, investors get a fixed return on the amount invested but if their speculation is wrong, they lose the investment – which is basically gambling and investors risk losing all the money they invest on it.
The fake CNN news report dated 20 September ran a header titled “The richest man in Malaysia known as the ‘Sugar King’ gives back to the people with his final project” had appeared convincing enough to generate concern even from the reclusive tycoon who resides in Hong Kong.
Sin Chew Daily points out that the article’s URL is not the real http://cnn.com/TECH but originates from another site, http://leaders-choice.com.
The report even created a false premise whereby the billionaire was said to be empowering ordinary Malaysians by investing RM100 million in this venture, described as a Snap Binary scheme.
Apparently, the 93-year old founder of the Kuok Group is not the first tycoon ensnared in this global investment scam as the Chinese news daily reported that the scheme has previously used the names of the world’s richest man, Microsoft founder Bill Gates, as well as Tesla’s Elon Musk and just last year, Virgin Group’s founder Sir Richard Branson.
The exposé of the attempt to use Branson’s name was reported in a fake news debunking blog, thatsnonsense.com.
“The website, screenshot below, appeared upon a cursory glance to be that of CNN Money. However, it wasn’t on their domain. The title read “Richard Branson Reveals Easy Work At Home Trick (Quit Your Job in 30 days!)”, the exposé reveals.
The report goes on to describe how viewer who click on the link are redirected across several domains
before ending up in a site promoting Binary Options trading.
It concluded with a warning to readers that there are fake Facebook and social media postings out that are paid to lure people to visit the Binary Option trading site.
“Because they get paid a commission for luring visitors to Binary Option websites. And using hyped, misleading and plain deception sales pitches means more people they trick into signing up.”
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