The Financial Sector Conduct Authority (FSCA) has warned the public to exercise caution when engaging in financial services transactions with Mr Thashen Pillay (also known as Taz) and Forex Ghost Trader (Forex Ghost), after receiving information that they are soliciting funds from members of the public for investment purposes via a Telegram group. The FSCA reports that Mr Pillay allegedly helps investors create trading accounts and link them to his own account to replicate his trades, with promised returns of 10% to 15% per month, which the FSCA states is not realistic. The FSCA confirmed that neither Mr Pillay nor Forex Ghost is authorised to provide financial services to the public and that the parties have failed to respond to FSCA enquiries. The regulator urged the public not to accept financial advice, assistance, or investment offers from unauthorised persons or entities, and noted that legitimate financial services providers should clearly display their FSCA authorisation status in their documentation. It also highlighted common warning signs including unrealistic returns, offers made through social media, upfront payments, demands for additional payments to access returns, paid “training” requirements, pressure to act urgently, and vague information about the investment product, and advised the public to verify authorisation through the FSCA’s channels, including its FSP search facility.

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