RM177mil from 91 bank accounts frozen in nationwide MBI raids
PUTRAJAYA: Some 91 bank accounts with funds totalling RM177mil have been frozen following Monday's raids on various locations linked to MBI Group International.
Domestic Trade, Cooperatives and Consumerism Ministry enforcement chief Datuk Roslan Mahayuddin said the accounts were frozen under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
He said the accounts - 43 company and 48 individual - were with eight different banks.
During a press conference at the ministry offices here Wednesday, Roslan confirmed that the accounts were connected to MBI.
However, he said it was too early in the investigation process to reveal the names of the account holders.
Six premises in the Klang Valley and Penang were raided, and authorities seized documents related to the business, information on transactions, computers, branded goods, gold bars and jade jewellery.
On Monday, enforcement officers from various agencies raided the M Square logistics centre in Kuala Lumpur and the M Mall shopping complex in Penang where shoppers use loyalty reward points in exchange for goods.
The raid, led by officers from the ministry, included police and personnel from the Companies Commission of Malaysia, CyberSecurity Malaysia and Bank Negara.
MBI International was recently red-flagged by Bank Negara for having a questionable financial scheme.
Members put money into the scheme and get virtual coins in return. After an incubation period of over a year, they can convert these coins into points to spend in several services and retail establishments under the MBI umbrella, such as M Mall.
The scheme is said to give substantial returns each year and this is believed to be the longest-running financial scheme founded in Penang.
Read more at http://www.thestar.com.my/news/nation/2017/05/31/rm177mil-from-91-bank-accounts-frozen-in-nationwide-mbi-raids/#zPI9sgdz7x1d8YkI.99MBI Group’s Ampang store raided
PUTRAJAYA: Some 91 bank accounts with funds totalling RM177mil have been frozen following Monday's raids on various locations linked to MBI Group International.
Domestic Trade, Cooperatives and Consumerism Ministry enforcement chief Datuk Roslan Mahayuddin said the accounts were frozen under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
He said the accounts - 43 company and 48 individual - were with eight different banks.
During a press conference at the ministry offices here Wednesday, Roslan confirmed that the accounts were connected to MBI.
However, he said it was too early in the investigation process to reveal the names of the account holders.
Six premises in the Klang Valley and Penang were raided, and authorities seized documents related to the business, information on transactions, computers, branded goods, gold bars and jade jewellery.
On Monday, enforcement officers from various agencies raided the M Square logistics centre in Kuala Lumpur and the M Mall shopping complex in Penang where shoppers use loyalty reward points in exchange for goods.
The raid, led by officers from the ministry, included police and personnel from the Companies Commission of Malaysia, CyberSecurity Malaysia and Bank Negara.
MBI International was recently red-flagged by Bank Negara for having a questionable financial scheme.
Members put money into the scheme and get virtual coins in return. After an incubation period of over a year, they can convert these coins into points to spend in several services and retail establishments under the MBI umbrella, such as M Mall.
The scheme is said to give substantial returns each year and this is believed to be the longest-running financial scheme founded in Penang.
image: http://www.thestar.com.my/~/media/online/2017/05/29/19/23/main_ha_3005_p4_hazlin_1.ashx/?w=620&h=413&crop=1&hash=65FF03161B7AA5D826E1546FF74CDE41C1DF2A41
Hauled away: KPDNKK enforcement officers removing boxes of documents from the MBI Group International office in Ampang.
AMPANG: Enforcement team from various agencies raided a store where shoppers convert their loyalty points in exchange for goods and services.
The team of 32 officers raided the M Square logistics centre, which is part of financial scheme operator MBI Group International, at around 11am yesterday.
The operation ended at about 7pm.
The logistics centre is located in Jalan Avenue 1 here.
The centre sells various products such as water purifiers, instant coffee, remote controlled cars and boats, powerbanks, massage chairs, watches, pens and bedsheets.
The raid, headed by officers from the Domestic Trade, Co-operatives and Consumerism Ministry (KPDNKK), also included police officers and personnel from the Companies Commission of Malaysia, CyberSecurity Malaysia and Bank Negara Malaysia.
image: http://www.thestar.com.my/news/nation/2017/05/30/mbi-groups-ampang-store-raided/~/media/1646b563dcd7480fab48a4cd999269e2.ashx?h=398&w=620
Spot-check: Authorities conducting their duties at Mcalls on the ground floor of M Mall in Jalan Datuk Keramat,
George Town.
George Town.
The team seized documents and computers for further investigation.
Khalid Tik, who is the ministry’s operations head for the consumer section of the enforcement division, said that the company was being investigated under several Acts.
Among them are the Direct Selling and Anti-Pyramid Scheme Act 1993, Financial Services Act 2013 and Companies Act 2016.
“If there are elements of wrongdoing in their business operations, we can take action under these Acts,” he told The Star.
Earlier, several customers were spotted at the premises, believed to be redeeming their points but were told by the staff that they could not do so.
A company employee also prevented the media from taking pictures.
Read more at http://www.thestar.com.my/news/nation/2017/05/30/mbi-groups-ampang-store-raided/#C3jyZ0YyllR8uCzT.99
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