Ministry: ‘Money game’ not licensed

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PUTRAJAYA, May 4 – The Ministry of Domestic Trade, Cooperatives and Consumerism never issued foreign exchange (forex) business licences to any company or individual, said its minister Datuk Seri Hamzah Zainuddin. All businesses such as ”money game”, get-rich-quick, forex and ponzi schemes under the guise of direct selling business and multi-level marketing are not allowed in the country.

He advised the public not to participate in illegal investment schemes offered by individuals or companies which supposedly give 20% profits. “Before investing, call the ministry at 1800-886-800 or contact Bank Negara Malaysia to verify the authenticity of the investment.”

“As long as there are no complaints about illegal investments, the ministry cannot do anything. Therefore, before investing the money, call the ministry to verify the authenticity of the investment and for a final approval at 1800-886-800 or contact Bank Negara Malaysia,” he told reporters at his office here yesterday.

“The ministry takes a serious view of companies or individuals engaged in pyramid schemes which mislead consumers in accordance with Section 27B (1) AJLSAP 1993. Since 2012, 98 cases have been dealt with seizing up to RM5.8 million and compounds of RM960,500,” he said.

Recently an illegal foreign currency trading company stole the spotlight for alleged illegal deposit-taking amounting to tens of millions of ringgit last year from thousands of investors who were lured by its offer of high returns of up to 80%. Some lost their life savings while others borrowed money to get rich quick. — Bernama

  • Busted! https://t.co/2hE0HCYiw7 Apr 24, 2019
  • It's just an advise. https://t.co/JmqjD2vaKF Apr 19, 2019
  • PIL 1 Approve! https://t.co/xAgsOjcTZu Apr 15, 2019