The Malaysian Insight

AUTHORITIES have frozen 91 bank accounts with RM177 million in total after Monday’s raids on the headquarters of alleged pyramid scheme group MBI Group International and five other premises in Kuala Lumpur and Penang.

Other items seized in the raids include gold bars, watches, jewellery, handbags and USB drives. 

The group of 27 companies have some 4.5 million members across the Far East, especially Malaysia.

Domestic Trade, Cooperatives and Consumerism Ministry enforcement chief  Mohd Roslan Mahayudin said the bank accounts were frozen under the Anti-Money Laundering Act 2001.

The raid, which was conducted in cooperation with the National Revenue Recovery Enforcement Team (NRRET) from the Attorney-General’s Chambers, involved 93 officers and was led by the ministry’s enforcement division.

Roslan said the raids were conducted in accordance to the Direct Selling and Anti-Pyramid Scheme Act 1993, and also other acts enforced by Bank Negara Malaysia and the Companies Commission of Malaysia.

“Out of the six premises which were raided, three were residential premises. For now, no arrests have been made.

“We want to remind the public not to be taken in by these schemes that promise returns, interest rates or profits that are high and unrealistic,” he said.

When asked why there were no arrests made so far, Roslan said the authorities were still in the midst of their investigations. – May 31, 2017.

__