GEORGE TOWN, May 31 – Authorities have frozen several bank accounts holding a total of RM58 million following Monday’s raids on a Penang shopping mall using virtual money run by the red-flagged MBI Group International. In a report by Star Online, the Domestic Trade, Co-operatives and Consumerism Ministry said the accounts were frozen under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
MBI Group operates M Mall O2O along Jalan Datuk Keramat in George Town, which allows shoppers to trade using virtual coins to exchange for goods and services, in Jalan Datuk Keramat here. On Monday, The team consisting of police officers, Bank Negara Malaysia (BNM), Domestic Trade, Cooperatives and Consumerism Ministry officers as well as those from other agencies raided the MBI company’s office in the mall.
A press conference is scheduled for 3pm on Wednesday at the ministry’s enforcement department headquarters in Putrajaya. Mface International and MBI International Sdn Bhd, which are subsidiaries of MBI Group, has been listed in Bank Negara Malaysia’s (BNM) alert list with effect on May 22. To date, 302 companies have been listed under the BNM financial consumer alert list for suspicion of not adhering to relevant laws and regulations in their operations. — PN