Bank Negara red-flags 14 firms over investment schemes

PETALING JAYA: Fourteen companies which are allegedly operating money games and pyramid schemes have found themselves in Bank Negara’s latest financial consumer alert list.

Checks on their websites and social media pages showed that their schemes promised 10% to 30% monthly returns for investors.

The companies that have been listed are Ahmad Zulkhairi Associates PLT, Ethtrade Limited, Ethtrade Malaysia, Kilauan Padu Services Sdn Bhd, O2 Only One, OG1 Asean, Only One International Sdn Bhd, Proficiency Management and Services, Smart Trade Entrepreneur, Smart Trade Resources Sdn Bhd, TF International Group, TF International Group (MY), TF International W1212 KL Team and ZEMC Sdn Bhd.

The list, which is found on Bank Negara’s website and updated as at yesterday afternoon, comprises the names of 316 companies which are neither authorised nor approved under the relevant laws and regulations.

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

O2 Only One, which is operated by Only One International Sdn Bhd, offered a monthly return of 13% and a commission of 3% to 5% for the amount invested by down-lines.

Its chief executive officer Zack Lim had issued a statement in April, saying that negative news had minimal impact on them as many people were still joining the scheme.

O2 Only One is believed to be operating from Sungai Petani, Kedah.

Lim, in the Facebook posting, also said that he would try his best to push O2 to be stronger and learn from others to make it better.

TF International, on the other hand, promised a 24% return for its investors.

It is learnt that it operates from Bukit Mertajam.

It claimed on its website that it has casinos and online gambling platforms in Macau and Cambodia.

OG1 Asean is a mobile phone application developed by Kilauan Padu Services that supposedly allows users to save up to 61% on mobile prepaid reloads and household bill payments while offering 100% to 130% profit based on investments of between RM500 and RM20,000.

Ahmad Zulkhairi Associates PLT is said to be offering advisory and financial management services dealing in foreign exchange with a monthly profit of between 15% to 22%.

Ethtrade, believed to be operating from Hong Kong, offers up to 30% monthly return for investments from US$10 (RM43) to US$100,000 (RM430,000) on top of bonus on down-lines.

Among “popular” financial schemes that have been red-flagged by the central bank this year were JJ Global Network, JJ Poor To Rich, JJPTR, MBI International Sdn Bhd and Mface International Sdn Bhd.