KUALA LUMPUR – Payment gateway company i-Serve Online Mall Sdn Bhd was raided and has had its accounts frozen on suspicion of money laundering and other financial crimes.
Bank Negara Malaysia (BNM) in a statement yesterday said 45 bank accounts in seven banks have been frozen and cash totalling RM118.7 million has been seized in the November 11 raid.
It said the company, which was established in 2001, as well as its affiliates are being investigated 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 statement said.
“This is part of an inter-agency collaboration to eradicate financial crimes in Malaysia,” said BNM.
The enforcement action was coordinated by the National Anti-Financial Crime Centre with BNM as the lead agency, along with the Securities Commission Malaysia (SC), Companies Commission Malaysia, Malaysian Anti-Corruption Commission, 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,” BNM said.
It added that investigations for money laundering offences will also be undertaken under Amla.
“If convicted, one may be given 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 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 by or registered with 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 that promise high returns.”
It called on members of the public who are aware or have been approached with such investment opportunities promoted on social media, via email or telephone, to report the matter by contacting either BNM or SC at [email protected] or [email protected]. – The Vibes, November 16, 2021
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