Baghdad: The Chairman of the Iraqi Securities Commission, Faisal Al-Haimus, has issued a warning to citizens and investors regarding the rising threat posed by fake companies and unlicensed entities promoting investment services. He emphasized the necessity of verifying the legal status of these entities before making any financial commitments or engaging in investment activities.

According to Iraqi News Agency, Al-Haimus highlighted that certain entities exploit trade names, online platforms, and social media to deceive investors into believing they are legitimate financial or investment firms. These entities often promise high and rapid returns to attract investors and take their money under false pretenses.

Al-Haimus pointed out that ensuring a safe investment starts with verifying the credentials of the service provider, including checking for the necessary licenses and legal approvals. He cautioned against making investment decisions based solely on advertisements or recommendations found on social media.

He advised heightened vigilance when dealing with entities that request money transfers to personal accounts, use unfamiliar electronic wallets, demand advance payments, or promise guaranteed returns. Al-Haimus urged investors to cease engagement with such entities until their legitimacy is confirmed.

He encouraged investors to consult relevant regulatory authorities to verify the licensing of companies before interacting with them and to report any suspicious activities or advertisements offering unlicensed investment or financial services.

Al-Haimus reiterated that the Iraqi Securities Commission remains committed to regulatory and awareness efforts to curb illegal practices, enhance investor protection, and foster confidence in the market. This, in turn, is aimed at raising investment awareness and safeguarding citizens’ savings.