Warning from CMB regarding fraudulent attempts against fund investors

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Lerato Khumalo

In the statement made by the CMB, “Information has been obtained that people who have investments in the funds that have recently been decided to be liquidated by our Board and the funds that have been closed to trading on the Turkish Electronic Fund Trading Platform (TEFAS) and non-TEFAS distribution channels are tried to obtain benefits by reaching out to people via phone, text message and social media, by making false promises that payment processes can be mediated, payments can be accelerated or investors can be given priority. Payment processes for the funds in question can only be carried out by authorized institutions within the framework of the relevant legislation.” “In this process, it is not possible to request fees, commissions or expenses from investors or to request their identity and bank information. Official statements must be followed for up-to-date and accurate information regarding payments. In this context, it is important not to trust individuals and organizations claiming to provide intermediary or priority in payment processes, and to apply to law enforcement units or Chief Public Prosecutor’s Offices if such fraud attempts are encountered.”