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Showing posts with label financial scams. Show all posts
Showing posts with label financial scams. Show all posts

Saturday, April 23, 2022

The telltale signs of a scam, Macau scams: Spot, avoid and report scammers; It’s all in the details

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Victim usually fall prey due to fear, naivety or greed

Fear, naivety and greed may have caused victims to fall prey to scammers who cheat them of thousands of ringgit, says MCA Public Services and Complaints Department head Datuk Seri Michael Chong.

He said aside from making phone calls, scammers would also write to the victim or even meet them in person.

“They claim to be government officers and they want you to park the money (temporarily) and you can take it back later – so the money will not be confiscated,” he said while elaborating on how some victims were conned.

“Are there such people who are kind enough to ask someone to hide their money? When I asked, the victims could not answer me,” he added.

Chong said some victims revealed that the scammers who claimed to be government officers had spoken to them in Mandarin, which is uncommon as the medium of instruction used by civil servants is either Bahasa Malaysia or English.

Some of them have also received calls after office hours, which is out of the norm.

“They will frighten victims by saying that they have been charged with money laundering or their property will be confiscated. Many victims get duped because they are scared.

“Let me ask one thing: if you have not done something wrong, then why are you scared? The conmen will know that you have done something wrong from the way they talk to you, and they will scam you further,” he added.

Chong said most of the victims will be told not to divulge any information to their family.

He cited a case where the scammer had accompanied the elderly victim to the bank to withdraw money. They would, however, wear a cap or sunglasses to ensure they cannot be identified or captured by CCTVs. The scammers would also address the victim as their parent to avert suspicion.

He said some victims were told not to cut the (phone) call until the “job” was done, and this could sometimes stretch for hours.

As for those who were lured with the promise of big prizes, Chong noted that simple logic applied here.

“If you didn’t buy any lottery ticket, how do you expect to strike the lottery?” he said.

There is also no clear demographic of scam victims.

“Age is not a factor but of course elderly victims are easier to target,” he said.

Chong also said banks should also be alert when elderly citizens are seen withdrawing huge amounts at one go.

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 Macau scams: Spot, avoid and report scammers

CLICK TO ENLARGE

KUALA LUMPUR: Despite constant reminders and notifications, people are still being duped by Macau Scams.

Last year, 1,585 Macau scam cases were reported nationwide resulting in RM560.8mil in losses.

This year, the number has already reached 1,258 cases between Jan 1 and April 19, involving RM65.4mil in losses.

ALSO READ: Got your EPF money? Beware the scammers

The Macau Scam modus operandi often starts with a phone call from someone pretending to be an officer from a bank, government or law enforcement agency or debt collector.

The scammer will then claim that the potential victim owes money, has an unpaid fine or has even been implicated in a crime.

The victim will then be given a choice to settle the matter – by transferring his funds to a mule account designated by the “officer” or by facing “dire consequences”.

These unsuspecting victim will then be asked to make payments to get him off the hook.

Hundreds of millions of ringgit have been lost to these scammers, who pose as officers from government agencies such as the police, Bank Negara Malaysia (BNM) and even the Inland Revenue Board (LHDN).

ALSO READ: It's all in the details

The range of victims have also expanded to include those in the professional line such as doctors and lawyers.

Kuala Lumpur Commercial Crime Investigation Department (CCID) chief Asst Comm Mohd Mahidisham Ishak said several factors may address why Macau scam cases are still occurring.

“We believe it is a combination of a few things.

While we have conducted various campaigns to increase awareness, it could be that the message has not reached society thoroughly.

“We have utilised various platforms, including social media and public transport to spread more awareness on Macau scams.

“We will step up such campaigns to include having talks in schools to ensure that knowledge on such scams reach the masses,” said ACP Mohd Mahidisham.

Changes in the scammers’ modus operandi might have also contributed to such cases still occurring, ACP Mohd Mahidisham added.

“Scammers have posed as officers from the police force, Customs department, BNM and LHDN in the past.

“As mentioned in the past, scammers also used the Voice Over Internet Protocol (VOIP) to mask their phone numbers.

“We hope the public will remain vigilant against such tactics,” he said.

ALSO READ: Recent cases of Macau scams tell a sorry tale

Victims not informing family members or authorities due to embarrassment could be another factor for such cases, he lamented.

ACP Mohd Mahidisham is also concerned that such scam methods have become more elaborate.

“Usually, the harassment by the scammers will last between one to two hours.

“However, since last month, we have been recording cases where the victims were harassed for about a week. It is important for family members to act if they spot any changes or peculiar actions (faced by the affected family member),” he said.

ACP Mohd Mahidisham also reminded the public that agencies such as the police do not conduct investigations over the phone.

“Witnesses or those who can assist the investigation will be required to make an appointment so that their statements will be recorded at the police station or headquarters.

“Don’t be fooled by such calls ... better yet, if you do not recognise the phone number, do not answer the call,” he stressed.

The public should never divulge any banking details to a third party, he added.

“Banking details should be kept safe. Don’t register the phone number of others for your bank account,” he said.

ACP Mohd Mahidisham urged those with enquiries to contact the CCID Scam Response Centre at 03-26101559/1599, Whatsapp the CCID info-line at 013-2111222, or log on to semakmule.rmp.gov.my.

“Utilise the facilities that we have prepared for the public.

“Preventing and busting scams, especially Macau scams, remain our priority,” he said.

Meanwhile, Bukit Aman Commercial Crime Invesigation Department (CCID) director Comm Datuk Mohd Kamarudin Md Din recently said Macau scam syndicates were using a new tactic to target Tabung Haji account holders.

“We have recorded 65 cases amounting to RM3.6mil in losses already recorded.

“Based on investigations, these activities are being conducted by Macau scam syndicates.

“They would make calls to the victims and intimidate the victims with allegations of involvement in criminal activities and outstanding credit card debts among other tactics,” he said.

He said the syndicates would then ask for the victims to disclose their banking information to clear them of any wrongdoing.

“We have now detected cases where the syndicates have withdrawn money from Tabung Haji accounts linked to conventional bank accounts belonging to the victims.

“The convenience of Internet banking facilities by Tabung Haji and other conventional banks has made this possible,” he said, adding that investigations revealed the victims had provided banking information to unknown individuals over the phones.

He said as a result, the victims not only lost money from their bank accounts but also money from their pilgrimage fund accounts.

Source link.  

Macau scams: It’s all in the details

 CLICK TO ENLARGE 

CLICK TO ENLARGE

PETALING JAYA: Well-choreographed storylines backed with the victims’ personal information and the ability to instil fear over possible repercussions from the authorities – these are some of the reasons many are still falling for Macau scams despite wide media coverage.

Hafishah Ab Hamid, 37, who lost over RM30,000, said she was pressured into believing her identity was stolen, which not only caused her to have RM40,000 in income tax arrears with the Inland Revenue Board (LHDN), but also “a wanted person notice” for her involvement in money laundering and drug trafficking.

ALSO READ: Got your EPF money? Beware the scammers

She received a letter purportedly from LHDN before receiving a phone call on March 29.

“I was hesitant at first, but I was transferred to a ‘Sarjan Nadia’ who asked me to Google ‘Kota Baru police station’. She said I would receive a call from that number and I did, which is when I started to fall for the scam.

“This ‘Sarjan Nadia’ then called ‘Bukit Aman’ to check if I was involved in other activities ... the background noises were realistic – you could hear sirens, people yelling ‘emergency case’, and then an officer from ‘Bukit Aman’ informed me that I was involved in money laundering and drug trafficking.

“I started to panic, but she told me to not inform anyone, not even my husband.

“She said to imagine how my husband and children would feel if they knew,” she added.

ALSO READ: Recent cases of Macau scams tell a sorry tale

During the four-hour conversation, Hafishah was also transferred to “Datuk ACP Zul”, who was supposed to clear her name and suspend an arrest warrant issued in her name.

“‘Datuk ACP Zul’ asked for information on my bank accounts, and I told him everything, including my ASB (Amanah Saham Bumiputra) details. He told me to transfer my (ASB) money to my bank account so that they could check if the money was obtained legally,” she said.

The so-called Datuk ACP Zul also sent her an Android Package (APK) file, which is the file format used by the Android operating system for the installation of mobile apps.

“When I installed the app, a Bank Negara Malaysia logo appeared and I had to provide details such as my bank, full name, identification number, user name and password.

“I didn’t suspect anything at that time because I had just transferred my money (from ASB) to my account and I saw that my balance was RM32,000.

“I didn’t think I was being cheated because I didn’t transfer money to their account, but what I didn’t know was that they transferred my money to another account,” said Hafishah.

It is understood that the app she installed allowed the scammer to access her phone and obtain her information, which included her Transaction Authorisation Code (TAC) security number.

“I didn’t get back my money – I was told that they transferred my money in stages so it is very difficult to trace (it). Bank Negara said they couldn’t freeze the scammer’s bank account.

“The scammer contacted me the next day. I informed the police, but I was told to just block their number.

“So I feel sad because even though we have their number and they are actively using it, nothing can be done to trace them,” she said, adding that she hopes others will educate themselves and not fall for such scams.

ALSO READ: Spot, avoid and report scammers

Nurul Najwa Ibrahim, 23, was in confinement when she received a call from “Pos Laju” on March 10, claiming that she posted illegal items – bank and identifications cards – and these were held up at the Kuantan police station.

“The caller said I needed to lodge a police report because perhaps someone was using my personal information. When I said that I didn’t post anything, and he asked me to press ‘9’ before I was transferred to a ‘Corporal Nasir Ahmad’,” she said.

To convince her, Najwa was asked to Google the Kuantan police station phone number and she was told to expect a call from that number.

“‘Corporal Nasir’ gave (me) two options: they would issue an arrest warrant or I could cooperate.

“He sent me a bank account number and instructed me to bank in RM3,000 so he could check the source of my money.

“After a while, I thought to myself, how could they check if my money came from illegal means unless they had my bank statement? That was when I realised that I had been duped.

“But the fact that they knew my full name, my identification number and they called me using the same number as the one I Googled made me believe that they were genuine,” said Najwa.

She said she hopes that the authorities would do more to curb this scam menace.

“The public should be wary – don’t be afraid even if they claim that they have ‘police cases’ on us,” she added.

Desperate to get a new car, Mazura Mat Esa, 41, ended up falling into depression after being manipulated by a scammer on March 25.

“I saw an advertisement on an online marketplace and contacted the seller who claimed he had submitted my loan application to Maybank the same night.

“The next day, a ‘Maybank officer’ calling himself ‘Maran’ phoned and said he would help expedite the bank process for RM2,000.

“The way he spoke was so convincing and he could answer all my questions,” she said.

Mazura transferred a total of RM5,000 as “processing fees” and to book a licence plate number.

Until today, she still hasn’t received her dream car.

 

Friday, April 22, 2022

The telltale signs of a scam, Macau scams: Spot, avoid and report scammers; It’s all in the details

CLICK TO ENLARGE 

CLICK TO ENLARGE

Victim usually fall prey due to fear, naivety or greed

Fear, naivety and greed may have caused victims to fall prey to scammers who cheat them of thousands of ringgit, says MCA Public Services and Complaints Department head Datuk Seri Michael Chong.

He said aside from making phone calls, scammers would also write to the victim or even meet them in person.

“They claim to be government officers and they want you to park the money (temporarily) and you can take it back later – so the money will not be confiscated,” he said while elaborating on how some victims were conned.

“Are there such people who are kind enough to ask someone to hide their money? When I asked, the victims could not answer me,” he added.

Chong said some victims revealed that the scammers who claimed to be government officers had spoken to them in Mandarin, which is uncommon as the medium of instruction used by civil servants is either Bahasa Malaysia or English.

Some of them have also received calls after office hours, which is out of the norm.

“They will frighten victims by saying that they have been charged with money laundering or their property will be confiscated. Many victims get duped because they are scared.

“Let me ask one thing: if you have not done something wrong, then why are you scared? The conmen will know that you have done something wrong from the way they talk to you, and they will scam you further,” he added.

Chong said most of the victims will be told not to divulge any information to their family.

He cited a case where the scammer had accompanied the elderly victim to the bank to withdraw money. They would, however, wear a cap or sunglasses to ensure they cannot be identified or captured by CCTVs. The scammers would also address the victim as their parent to avert suspicion.

He said some victims were told not to cut the (phone) call until the “job” was done, and this could sometimes stretch for hours.

As for those who were lured with the promise of big prizes, Chong noted that simple logic applied here.

“If you didn’t buy any lottery ticket, how do you expect to strike the lottery?” he said.

There is also no clear demographic of scam victims.

“Age is not a factor but of course elderly victims are easier to target,” he said.

Chong also said banks should also be alert when elderly citizens are seen withdrawing huge amounts at one go.

Source link

 Macau scams: Spot, avoid and report scammers

CLICK TO ENLARGE

KUALA LUMPUR: Despite constant reminders and notifications, people are still being duped by Macau Scams.

Last year, 1,585 Macau scam cases were reported nationwide resulting in RM560.8mil in losses.

This year, the number has already reached 1,258 cases between Jan 1 and April 19, involving RM65.4mil in losses.

ALSO READ: Got your EPF money? Beware the scammers

The Macau Scam modus operandi often starts with a phone call from someone pretending to be an officer from a bank, government or law enforcement agency or debt collector.

The scammer will then claim that the potential victim owes money, has an unpaid fine or has even been implicated in a crime.

The victim will then be given a choice to settle the matter – by transferring his funds to a mule account designated by the “officer” or by facing “dire consequences”.

These unsuspecting victim will then be asked to make payments to get him off the hook.

Hundreds of millions of ringgit have been lost to these scammers, who pose as officers from government agencies such as the police, Bank Negara Malaysia (BNM) and even the Inland Revenue Board (LHDN).

ALSO READ: It's all in the details

The range of victims have also expanded to include those in the professional line such as doctors and lawyers.

Kuala Lumpur Commercial Crime Investigation Department (CCID) chief Asst Comm Mohd Mahidisham Ishak said several factors may address why Macau scam cases are still occurring.

“We believe it is a combination of a few things.

While we have conducted various campaigns to increase awareness, it could be that the message has not reached society thoroughly.

“We have utilised various platforms, including social media and public transport to spread more awareness on Macau scams.

“We will step up such campaigns to include having talks in schools to ensure that knowledge on such scams reach the masses,” said ACP Mohd Mahidisham.

Changes in the scammers’ modus operandi might have also contributed to such cases still occurring, ACP Mohd Mahidisham added.

“Scammers have posed as officers from the police force, Customs department, BNM and LHDN in the past.

“As mentioned in the past, scammers also used the Voice Over Internet Protocol (VOIP) to mask their phone numbers.

“We hope the public will remain vigilant against such tactics,” he said.

ALSO READ: Recent cases of Macau scams tell a sorry tale

Victims not informing family members or authorities due to embarrassment could be another factor for such cases, he lamented.

ACP Mohd Mahidisham is also concerned that such scam methods have become more elaborate.

“Usually, the harassment by the scammers will last between one to two hours.

“However, since last month, we have been recording cases where the victims were harassed for about a week. It is important for family members to act if they spot any changes or peculiar actions (faced by the affected family member),” he said.

ACP Mohd Mahidisham also reminded the public that agencies such as the police do not conduct investigations over the phone.

“Witnesses or those who can assist the investigation will be required to make an appointment so that their statements will be recorded at the police station or headquarters.

“Don’t be fooled by such calls ... better yet, if you do not recognise the phone number, do not answer the call,” he stressed.

The public should never divulge any banking details to a third party, he added.

“Banking details should be kept safe. Don’t register the phone number of others for your bank account,” he said.

ACP Mohd Mahidisham urged those with enquiries to contact the CCID Scam Response Centre at 03-26101559/1599, Whatsapp the CCID info-line at 013-2111222, or log on to semakmule.rmp.gov.my.

“Utilise the facilities that we have prepared for the public.

“Preventing and busting scams, especially Macau scams, remain our priority,” he said.

Meanwhile, Bukit Aman Commercial Crime Invesigation Department (CCID) director Comm Datuk Mohd Kamarudin Md Din recently said Macau scam syndicates were using a new tactic to target Tabung Haji account holders.

“We have recorded 65 cases amounting to RM3.6mil in losses already recorded.

“Based on investigations, these activities are being conducted by Macau scam syndicates.

“They would make calls to the victims and intimidate the victims with allegations of involvement in criminal activities and outstanding credit card debts among other tactics,” he said.

He said the syndicates would then ask for the victims to disclose their banking information to clear them of any wrongdoing.

“We have now detected cases where the syndicates have withdrawn money from Tabung Haji accounts linked to conventional bank accounts belonging to the victims.

“The convenience of Internet banking facilities by Tabung Haji and other conventional banks has made this possible,” he said, adding that investigations revealed the victims had provided banking information to unknown individuals over the phones.

He said as a result, the victims not only lost money from their bank accounts but also money from their pilgrimage fund accounts.

Source link.  

Macau scams: It’s all in the details

 CLICK TO ENLARGE 

CLICK TO ENLARGE

PETALING JAYA: Well-choreographed storylines backed with the victims’ personal information and the ability to instil fear over possible repercussions from the authorities – these are some of the reasons many are still falling for Macau scams despite wide media coverage.

Hafishah Ab Hamid, 37, who lost over RM30,000, said she was pressured into believing her identity was stolen, which not only caused her to have RM40,000 in income tax arrears with the Inland Revenue Board (LHDN), but also “a wanted person notice” for her involvement in money laundering and drug trafficking.

ALSO READ: Got your EPF money? Beware the scammers

She received a letter purportedly from LHDN before receiving a phone call on March 29.

“I was hesitant at first, but I was transferred to a ‘Sarjan Nadia’ who asked me to Google ‘Kota Baru police station’. She said I would receive a call from that number and I did, which is when I started to fall for the scam.

“This ‘Sarjan Nadia’ then called ‘Bukit Aman’ to check if I was involved in other activities ... the background noises were realistic – you could hear sirens, people yelling ‘emergency case’, and then an officer from ‘Bukit Aman’ informed me that I was involved in money laundering and drug trafficking.

“I started to panic, but she told me to not inform anyone, not even my husband.

“She said to imagine how my husband and children would feel if they knew,” she added.

ALSO READ: Recent cases of Macau scams tell a sorry tale

During the four-hour conversation, Hafishah was also transferred to “Datuk ACP Zul”, who was supposed to clear her name and suspend an arrest warrant issued in her name.

“‘Datuk ACP Zul’ asked for information on my bank accounts, and I told him everything, including my ASB (Amanah Saham Bumiputra) details. He told me to transfer my (ASB) money to my bank account so that they could check if the money was obtained legally,” she said.

The so-called Datuk ACP Zul also sent her an Android Package (APK) file, which is the file format used by the Android operating system for the installation of mobile apps.

“When I installed the app, a Bank Negara Malaysia logo appeared and I had to provide details such as my bank, full name, identification number, user name and password.

“I didn’t suspect anything at that time because I had just transferred my money (from ASB) to my account and I saw that my balance was RM32,000.

“I didn’t think I was being cheated because I didn’t transfer money to their account, but what I didn’t know was that they transferred my money to another account,” said Hafishah.

It is understood that the app she installed allowed the scammer to access her phone and obtain her information, which included her Transaction Authorisation Code (TAC) security number.

“I didn’t get back my money – I was told that they transferred my money in stages so it is very difficult to trace (it). Bank Negara said they couldn’t freeze the scammer’s bank account.

“The scammer contacted me the next day. I informed the police, but I was told to just block their number.

“So I feel sad because even though we have their number and they are actively using it, nothing can be done to trace them,” she said, adding that she hopes others will educate themselves and not fall for such scams.

ALSO READ: Spot, avoid and report scammers

Nurul Najwa Ibrahim, 23, was in confinement when she received a call from “Pos Laju” on March 10, claiming that she posted illegal items – bank and identifications cards – and these were held up at the Kuantan police station.

“The caller said I needed to lodge a police report because perhaps someone was using my personal information. When I said that I didn’t post anything, and he asked me to press ‘9’ before I was transferred to a ‘Corporal Nasir Ahmad’,” she said.

To convince her, Najwa was asked to Google the Kuantan police station phone number and she was told to expect a call from that number.

“‘Corporal Nasir’ gave (me) two options: they would issue an arrest warrant or I could cooperate.

“He sent me a bank account number and instructed me to bank in RM3,000 so he could check the source of my money.

“After a while, I thought to myself, how could they check if my money came from illegal means unless they had my bank statement? That was when I realised that I had been duped.

“But the fact that they knew my full name, my identification number and they called me using the same number as the one I Googled made me believe that they were genuine,” said Najwa.

She said she hopes that the authorities would do more to curb this scam menace.

“The public should be wary – don’t be afraid even if they claim that they have ‘police cases’ on us,” she added.

Desperate to get a new car, Mazura Mat Esa, 41, ended up falling into depression after being manipulated by a scammer on March 25.

“I saw an advertisement on an online marketplace and contacted the seller who claimed he had submitted my loan application to Maybank the same night.

“The next day, a ‘Maybank officer’ calling himself ‘Maran’ phoned and said he would help expedite the bank process for RM2,000.

“The way he spoke was so convincing and he could answer all my questions,” she said.

Mazura transferred a total of RM5,000 as “processing fees” and to book a licence plate number.

Until today, she still hasn’t received her dream car.

 

Wednesday, June 21, 2017

Malaysian authorities crack down on virtual money operator, MBI Group International

https://youtu.be/zzn4zLtw_p8

Smooth operation: Domestic Trade, Co-operatives and Consumerism Ministry enforcement director Datuk Mohd Roslan Mahayudin (centre) giving a press conference on the raids which yielded luxury vehicles and cash. Despite the crackdown by the authorities, investors continue to patronise M Mall, which is operated by MBI.

Dawn raids on MBI


Key member of MBI Group International remanded 98 bank accounts containing RM209mil frozen to date Three luxury cars and cash seized


The virtual money scheme operator was hit by three early morning raids in Penang and Kedah as a multi-agency task force acted on intelligence gathered in its ongoing anti-pyramid scheme probe. Investors say they regard this development as a temporary matter, while the public has been urged to come forward and help in the investigation. GEORGE TOWN: After watching the premises closely for a month, the authorities sprang into action and arrested a key person in virtual money scheme operator MBI Group International.

Four bank accounts of a newly- established company that belonged to the suspect’s relative, with deposits totalling RM30mil, were also frozen, while luxury cars and cash were seized in raids on three premises in Penang and Kedah carried out early on Monday morning.

Domestic Trade, Co-operatives and Consumerism Ministry enforcement chief Datuk Mohd Roslan Mahayudin said the suspect, in his 50s, is believed to be the founder of the group.

“He has been remanded for four days since Monday for investigation under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said.

Speaking to reporters at the Bank Negara Malaysia office here, Mohd Roslan said the operation, codenamed Ops Token II, was staged because the premises were believed to be involved in a pyramid scheme.

“They were believed to be the cash storage transit before the money is transferred to other accounts for the purpose of the scheme’s activities,” he said.

Two of the premises were in Taman MBI Desaku in Kulim, Kedah, and one in Sungai Dua on mainland Penang.

Ops Token II was a follow-up to Ops Token I, which was carried out against Mface Club in Klang Valley and M Mall, Penang, on May 29.

Ops Token II was conducted by the National Revenue Recovery Enforcement Team, which comprises the ministry, the Attorney-General’s Chambers, police, Customs, Malaysian Anti-Corruption Commission, Inland Revenue Board, Bank Negara, Companies Commission of Malaysia and the Immigration Department.

Mohd Roslan said the team had been monitoring the premises with the assistance of police for a month prior to the operation.

Three luxury vehicles – a Jaguar, a Range Rover and a Toyota Vellfire – and cash totalling RM2.235mil were seized during the raids, Mohd Roslan said.

The team confiscated RM280,000 from the site in Sungai Dua, and RM187,612 cash and RM218,000 worth of foreign notes from one of the Kedah locations. Nothing was seized from the third location.

The foreign currencies seized were Singapore dollars, US dollars, Thai baht, Australian dollars, Chinese yuan, New Zealand dollars, Indonesian rupiah, Korean won, Japanese yen, Hong Kong dollars, Taiwan dollars, Laotian kip and Cambodian riel, he added.

Mohd Roslan said with the latest series of raids, the number of local bank accounts frozen over the investigation into the group totalled 98, with combined funds of RM209mil.

The bank accounts included 49 company accounts and 49 individual accounts.

Mohd Roslan stressed that the authorities would continue investigating the group and all its subsidiary companies.

While no investors have lodged reports against the group so far, Mohd Roslan urged investors to step forward to assist in the investigation.

The authorities have not estimated the amount of losses suffered by the investors or the public, he added.

Under the Act, the suspect faces a jail term of up to 15 years and a fine of five times the amount or RM5mil, whichever is higher, upon conviction.

The bank accounts, meanwhile, could be frozen for up to 90 days, while the authorities could investigate the matter for a year, Mohd Roslan added.

Authorities crack down on MBI


Key person held, luxury cars seized and accounts frozen



GEORGE TOWN: After watching the premises closely for a month, the authorities sprang into action and arrested a key person in virtual money scheme operator MBI Group International.

Four bank accounts of a newly-established company that belonged to the suspect’s relative, with deposits totalling RM30mil, were also frozen, while luxury cars and cash were seized in raids on three premises in Penang and Kedah carried out early on Monday morning.

Domestic Trade, Co-operatives and Consumerism Ministry enforcement chief Datuk Mohd Roslan Mahayudin said the suspect, in his 50s, is believed to be the founder of the group.

“He has been remanded for four days since Monday for investigation under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said.

Speaking to reporters at the Bank Negara Malaysia office here, Mohd Roslan said the operation, codenamed Ops Token II, was staged because the premises were believed to be involved in a pyramid scheme.

“They were believed to be the cash storage transit before the money is transferred to other accounts for the purpose of the scheme’s activities,” he said.

Two of the premises were in Taman MBI Desaku in Kulim, Kedah, and one in Sungai Dua on mainland Penang.

Ops Token II was a follow-up to Ops Token I, which was carried out against Mface Club in Klang Valley and M Mall, Penang, on May 29.

Ops Token II was conducted by the National Revenue Recovery Enforcement Team, which comprises the ministry, the Attorney-General’s Chambers, police, Cus­toms, Malaysian Anti-Corruption Commission, Inland Revenue Board, Bank Negara, Companies Commission of Malaysia and the Immigration Department.

Mohd Roslan said the team had been monitoring the premises with the assistance of police for a month prior to the operation.

Three luxury vehicles – a Jaguar, a Range Rover and a Toyota Vellfire – and cash totalling RM2.235mil were seized during the raids, Mohd Roslan said.

The team confiscated RM280,000 from the site in Sungai Dua, and RM187,612 cash and RM218,000 worth of foreign notes from one of the Kedah locations. Nothing was seized from the third location.

The foreign currencies seized were Singapore dollars, US dollars, Thai baht, Australian dollars, Chinese yuan, New Zealand dollars, Indonesian rupiah, Korean won, Japanese yen, Hong Kong dollars, Taiwan dollars, Laotian kip and Cambodian riel, he added.

Mohd Roslan said with the latest series of raids, the number of local bank accounts frozen over the investigation into the group totalled 98, with combined funds of RM209mil.

The bank accounts included 49 company accounts and 49 individual accounts.

Mohd Roslan stressed that the authorities would continue investigating the group and all its subsidiary companies.

While no investors have lodged reports against the group so far, Mohd Roslan urged investors to step forward to assist in the investigation.

The authorities have not estimated the amount of losses suffered by the investors or the public, he added.

Under the Act, the suspect faces a jail term of up to 15 years and a fine of five times the amount or RM5mil, whichever is higher, upon conviction.

The bank accounts, meanwhile, could be frozen for up to 90 days, while the authorities could investigate the matter for a year, Mohd Roslan added.

Source: The Star by christopher tanandarnold loh

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GEORGE TOWN: Two more popular financial schemes in Penang have been red-flagged by Bank Negara Malaysia (BNM).

A check on the financial consumer alert list yesterday showed MBI International Sdn Bhd and Mface International Sdn Bhd to be the latest additions.

Both are subsidiaries of MBI Group International, a company with investors worldwide, many of them from China.

To date, 302 companies have been listed under the BNM financial consumer alert list, for suspicion of not adhering to relevant laws and regulations administered by BNM in their operations.

Under the Financial Services Act 2013, individuals or businesses involved in illegal financial activities can be fined up to RM50mil and jailed for 10 years.

When contacted by a Chinese daily, MBI International chairman Tedy Teow’s special assistant Alfa said he did not think that the company would face any problem.

“And it is unnecessary for us to hold a press conference to explain the situation to our investors.

“We are always doing our work and we believe that our investors can see how we are performing so far,” he told Sin Chew Daily.

An investor, H.L. Teoh, said he put in RM22,500 early this year and was given 10,000 game redemption credits.

“Actually, I can start selling it every six months, but I was advised to wait for it to grow bigger in three years.

“When you have lots of credit, it is like having a lot of virtual shares.

“Now, I will have to wait for further instructions from the company before my next course of action,” he said.

Members are allowed to spend their loyalty points, which are converted from virtual money or coins, in exchange for goods and services at affiliated companies, including a supermarket, restaurants, a gym and even a durian stall.

Meanwhile, a press conference called by a branch representative of another controversial financial scheme operator, JJPTR, was cancelled at the last minute.

Press members in Penang had received an invitation from a man known only as Lim at 8.30am yesterday.

However, no reason was given for the cancellation.

JJPTR has been grabbing headlines in the past few weeks since its founder Johnson Lee claimed that the company had lost US$400mil (RM1.738bil) due to a purported “hacking job”.

Lee and two of his top aides have been detained by the police to facilitate investigations following several police reports lodged against JJPTR.

In another case, 19 Chinese nationals lodged police reports in Kuala Lumpur against another multi-level marketing company, claiming that they had lost hundreds of thousands of ringgit.

They claimed to have lost between 100,000 yuan (RM62,536) and 700,000 yuan (RM437,754) since investing in the scheme by Monspace last year.

Founded in 2014, Monspace is listed as a multi-level marketing company, according to the Com­panies Commission of Malaysia.

In an immediate response, Monspace said it would take legal action against any group or individual making defamatory statements against it.

The company said in a statement to the media that it was functioning professionally and had engaged a law firm to keep track of statements made about it.

Source: The Star/ANN by Crystal Chiam Shiying

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