RM58mil in bank accounts frozen following MBI raids


GEORGE TOWN: A number of bank accounts holding a total of RM58mil have been frozen following Monday's raids on a store and mall run by MBI Group International.

Updated: RM177mil from 91 bank accounts frozen in nationwide MBI raids

According to the Domestic Trade, Co-ope­ratives and Consumerism Ministry, the accounts were frozen under the Anti-Money Laundering Act 2001.

On Monday, enforcement officers from various agencies raided the M Square logistics centre in Kuala Lumpur and M Mall, a shopping complex in Penang where shoppers use loyalty reward points in exchange for goods.

The raid, led by officers from the ministry, included the police and personnel from the Companies Commission of Malaysia, CyberSecurity Malaysia and Bank Negara.

A press conference is scheduled for 3pm on Wednesday at the ministry’s enforcement department headquarters in Putrajaya.

MBI International was recently red-flagged by Bank Negara for having a questionable financial scheme.

Members put money into the scheme and get a sum of virtual coins in return. After an incubation period of over a year, they can then 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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Nation

Covid-19: Melaka Hospital still operational even with 32 staff testing positive
Negri health authorities deny claims that dead Covid-19 patient's jewellery was stolen by hospital staff
Tommy Thomas: Dr M wanted me to resign a day after I was appointed
Covid-19: Public, private hospitals to operate in a hybrid manner, says Health DG
MAH Penang: Wait for official announcement on closure of 5-star hotel
Dr M: Education, good values key to shaping future leaders, good governance
Domestic Trade Ministry: 99.7% of 51,102 business premises checked follows MCO SOPs
No entry poetry: A creative way to turn visitors away with Spring Festival couplets
Man arrested for firearms possession in Johor
Transport Ministry will look into grouses of taxi drivers, says Dr Wee

Stories You'll Enjoy


-->