Bank Negara Malaysia Raided Six Companies on Suspicion of Conducting Illegal Foreign Currency Dealings

Bank Negara Malaysia raided AFS Global Holdings Sdn Bhd, Reed Corporation Sdn Bhd, Sigma Platinum Sdn Bhd, Wisdom Spectrum Sdn Bhd, Maxficient Consultancy Sdn Bhd and Practical Support Sdn Bhd under Section 4 of the Exchange Control Act 1953. The Act prohibits any person, other than authorized dealers, which are the licensed financial institutions, from buying or borrowing any foreign currency from, or selling or lending any foreign currency to, any other person other than an authorized dealer. Any person or company who commits an offence under section 4 of the Exchange Control Act 1953 shall, on conviction, be liable to a fine not exceeding RM1 million or to imprisonment for a term not exceeding 5 years or to both.

The raids were conducted at the premises of the companies in Kuala Lumpur and Selangor following complaints received from members of the public. Relevant assets and documents of the companies were seized for purpose of the investigation.

Members of the public are advised to be cautious of investment schemes promoted on the internet, through phone calls or through seminars conducted by individuals or companies that are not licensed or authorized by Bank Negara Malaysia to accept deposits or to conduct foreign currency dealings. A list of all licensed institutions that accept deposits is available on Bank Negara Malaysia's website at www.bnm.gov.my.

Members of the public can contact Bank Negara Malaysia for enquiries and further advice at the following address and telephone contact numbers:

Laman Informasi Nasihat dan Khidmat (BNMLINK)
(Walk-in Customer Service Centre)
Ground Floor, Block D
Jalan Dato' Onn
50480 Kuala Lumpur

BNMTELELINK: 1-300-88-5465 or

E-mail: bnmtelelink@bnm.gov.my



Bank Negara Malaysia
19 August 2008

© Bank Negara Malaysia, 2008. All rights reserved.


Source from http://www.pjnet.com.my/ftopic-14409-0-days0-orderasc-.html