CJMYBank Negara officers raided 22 premises linked to iServe Online Mall and its affiliates resulting in the freezing of 45 bank accounts in seven banks and seizing of cash totaling RM118.7 million.
In a statement on its website, the central bank said relevant documents were seized to assist in the joint investigation.
The action was coordinated by the National Anti-Financial Crime Centre together with Malaysian Anti-Corruption Commission, Securities Commission Malaysia, Royal Malaysia Police, Companies Commission of Malaysia and CyberSecurity Malaysia.
The joint enforcement action was taken for suspicion of committing various offences, including under the Financial Service Act and Anti-Money laundering, Anti-terrorism financing and Proceeds from unlawful activity Act.
BNM said it is an offence for any person to accept deposits without a licence, with a fine of not less than five times the sum of the proceeds or RM5 million and imprisonment not exceeding 15 years may be imposed if convicted.
“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,” said BNM.
i-Serve Online Mall started out in 2001 by providing smart card solutions and software development, before progressing to create kiosks for big companies such as Eastman Kodak, Nokia and AirAsia.
According to its website, the company has developed numerous mobile applications for bill payment and prepaid reloads before venturing into the financial technology industry.
Admin
