One of the companies whose license was immediately revoked is Titan Capital Markets, which sponsored the Fulham English Premier League soccer club until reports of alleged predatory investment practices emerged from outlets like The Athletic and Daily Mail. According to the court order, an ASIC investigation “into the circumstances surrounding the companies and their use in financial scam activity” is ongoing. An investigation found that the majority of the companies listed directors who had not consented to being in that position, and the vast majority of listed addresses did not appear to actually belong to the respective companies. Purported investors into Titan Capital Markets, all from India, sent about 80 emails to liquidators after the investigation was announced saying they had put large amounts of money into the company. An Australian corporate regulator is pulling the plug on 95 companies registered in the country that are believed to be illegitimate, with many of them having suspected links to online scams. Australians lost at least A$192.3 million (about $115.3 million) to investment scams last year, a decline of more than one-third year-to-year, according to Australia’s Anti-Scam Centre. Scammers set up the entities to give their businesses an air of legitimacy, ASIC Deputy Chair Sarah Court said, adding that the agency takes down 130 scam websites each week on average. ASIC investigators found that a company address in Canberra did lead to an office with Titan’s insignia, but it was empty and all mail was returned.
This Cyber News was published on therecord.media. Publication date: Mon, 07 Apr 2025 18:50:53 +0000