The Securities Commission Malaysia (SC) has blacklisted Citibank International Investment Plan Worldwide, which is a Citibank clone operating a fraudulent scheme.

In a statement to theedgemarkets.com today, the SC confirmed that Citibank International Investment Plan Worldwide "is an illegal investment scheme that misuses the name of a legitimate financial entity, in this case Citibank”.

In a statement on the SC’s website, the regulator claimed that Citibank International Investment Plan Worldwide is an entity “carrying on unlicensed capital market activities”.

Advertisement The SC said it had included Citibank International Investment Plan Worldwide into its investor alert list, which comprises unauthorised websites, investment products, companies and individuals.

At the time of writing today, Citibank Bhd had not issued a statement in response to the SC’s move.