Illegal deposit-taking probe on Dencomm
The StarBiz Online Thursday April 22, 2010
PETALING JAYA: Bank Negara has commenced investigations on Dencomm Sales & Services Sdn Bhd for alleged illegal deposit taking and money laundering activities. The central bank conducted a raid at the firm’s premises in Bandar Penawar, Kota Tinggi Johor yesterday following complaints from members of the public.
“Relevant assets and documents of the company were seized for the purpose of investigation,” Bank Negara said in a statement. Bank Negara advised members of the public to be cautious of deposit taking and investment schemes offered through various channels such as the Internet, phone calls or seminars by parties not liccensed, approved or authorised by the relevant authorities.
The activities are in breach of subsection 25(1) Banking and Financial Institutions Act 1989 (BAFIA) and subsection 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) respectively. Subsection 25 (1) of BAFIA 1989 prohibits any person from receiving, taking, or accepting deposits without having a valid licence, whereas subsection 4(1) of AMLATFA 2001 prohibits any person from engaging in, or attempting to engage in, or abetting the commission of money laundering activities.
In February, the central bank also investigated Semangat Teknologi Gagah Sdn Bhd (STG) and its related companies for suspected illegal deposit taking. The raids on STG and its related companies were carried out on Feb 4 at their premises in Kuala Lumpur and Selangor, also following complaints from the public.
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