Saudi financial information platform Argaam has issued a sharp warning after uncovering coordinated fraud attempts carried out through unofficial channels, exploiting its name and reputation in the Saudi market.
According to Argaam, the schemes seek to deceive the public by promoting false claims about digital currency launches and offering to double investors’ funds in return for dubious financial transfers.
In a statement, Argaam stressed that it does not issue digital currencies and never requests financial or digital transfers from individuals or entities.
It also confirmed that it does not collect personal or financial data nor offer investment invitations or proposals of any kind, emphasizing that all announcements and initiatives are communicated solely through its officially authorized channels within the Kingdom of Saudi Arabia.
Calling on the public to exercise caution and refrain from engaging with any unauthorized messages or entities, Argaam said it will take all necessary legal measures against anyone proven to have impersonated its name or exploited its trademark.
Such actions will be pursued in accordance with Saudi Arabia’s Anti-Cybercrime Law, Trademark Law, and other applicable regulations.
Argaam further affirmed that it reserves all its legal rights to pursue those involved before the competent authorities, and declared that it bears no responsibility for any transactions or damages resulting from dealings with such unofficial parties.
The warning comes at a time when Saudi regulations impose strict controls on digital currencies, which are not currently classified as legally recognized currencies within the Kingdom.
