The Securities and Exchange Commission (SEC) of Sri Lanka recently released a statement warning the Sri Lankan public of unsolicited phone call requests to invest in foreign stock markets, citing a list of fraudulent companies that have in the past misled the public.

“First it was Copreus, then it became Gladius, and now it has reappeared as Evolute, new name, new location, but the same people behind it, simply changing identities over time,” the regulator stated, naming three companies that Sri Lankans have engaged with.

“If your investment opportunity starts with an unsolicited phone call from a complete stranger, it’s worth asking whether you are investing, or just transferring your hard earned money to someone else.”

The regulator further noted that though Sri Lanka proudly boasts a literacy rate above 93%, the country’s financial literacy stands at around 55% – leaving many vulnerable to the risks associated with these engagements. 

“Remember, legitimate investments don’t chase you down over random phone calls, and real opportunities don’t need constant rebranding,” the regulator warned.