Bank Negara Malaysia said on Tuesday, they had taken action on the company and affiliates on suspicion of committing various offences, including under the Financial Services Act 2013 (FSA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
"Twenty-two premises linked to i-Serve Online Mall Sdn Bhd and its related affiliates located in Kuala Lumpur and Selangor were raided, and relevant documents were seized to assist in the joint investigation. The raids also resulted in the freezing of 45 bank accounts in seven banks and seizing of cash, totalling RM118.7mil," it said.
This joint enforcement action is part of an inter-agency collaboration to eradicate financial crimes in Malaysia.
It was coordinated by the National Anti-Financial Crime Centre (NFCC) with Bank Negara Malaysia (BNM) as the lead agency, along with Securities Commission (SC), Companies Commission Malaysia, Malaysian Anti-Corruption Commission, the Royal Malaysia Police and CyberSecurity Malaysia.
"Members of the public are advised that under section 137(1) of the FSA, it is an offence for any person to accept deposits without a licence. Investigations for money laundering offences will also be undertaken under the AMLA.
"If convicted, the person may be imposed a fine of not less than five times the sum or value of the proceeds of unlawful activities at the time the offence was committed or RM5mi, whichever is higher, and imprisonment not exceeding 15 years.
"As a safeguard, members of the public are reminded to only place deposits and/or invest with parties licensed or registered by the relevant authorities," it said.
BNM and SC strongly urge the public to be vigilant when investing with local or foreign companies offering various investment opportunities which promise high returns.
If members of the public are aware or have been approached with such investment opportunities promoted on social media, via e-mails or telephone, they are encouraged to report the matter by contacting either Bank Negara or SC at:
Bank Negara Malaysia
Tel: 03-2691 0824 / 2692 6482 / 2698 2810 / 2694 2143
Fax: 03-2698 7467
Securities Commission Malaysia
Tel: 03-6204 8999 / 03-6204 8777
Fax: 03-6204 8991