Iraq regulator cautions public against fake investment schemes

Shafaq News- Baghdad

The Iraqi Securities Commission, the government body that regulates the country's stock market and securities trading, urged citizens and investors on Sunday to avoid unlicensed operators and fake companies that market investment services and opportunities, according to an official statement.

The commission's chairman, Faisal al-Haimus, said some operators use trade names, websites and social media pages to pose as licensed financial institutions, promising quick, high returns to lure investors and take their money.

Safe investing starts with checking that the provider holds the required licenses and legal approvals, al-Haimus said, and investors should not base decisions on advertisements or recommendations circulating on social media.

He said people should be wary of anyone who asks for money to be sent to personal accounts or unfamiliar digital wallets, or who demands payment upfront, and should stop dealing with any party promising guaranteed, unrealistic returns until its activity can be verified.

Al-Haimus called on investors to check with the relevant regulators about which companies are licensed and to report any suspected unlicensed financial or investment activity.