KUALA LUMPUR, Nov 16 — A joint enforcement action has been taken against i-Serve Online Mall Sdn Bhd and its related affiliates as the company has been suspected 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).
In a statement today, Bank Negara Malaysia (BNM) said 22 premises linked to i-Serve Online Mall and its affiliates located in Kuala Lumpur and Selangor were raided on November 11, 2021, 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 RM118.7 million,” it said.
The central bank said the joint enforcement action was part of an inter-agency collaboration to eradicate financial crimes in Malaysia.
It was coordinated by the National Anti-Financial Crime Centre with BNM as the lead agency, along with the Securities Commission Malaysia (SC), the Companies Commission Malaysia, the 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, and 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 RM5 million, whichever is higher — and imprisonment not exceeding 15 years,” said BNM.
As a safeguard, members of the public are reminded to only place deposits and/or invest with parties licensed or registered with the relevant authorities.
“BNM and the 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 BNM at [email protected] or the SC at [email protected],” it added.
— Bernama
