PUTRAJAYA: Up to 72 bank accounts worth RM5.86 million have been frozen by Bank Negara Malaysia (BNM) following a raid yesterday on e-commerce company MonSpace Sdn Bhd, as part of an anti-pyramid scheme investigation.
The accounts, linked to 25 companies and 47 individuals – including the founder of MonSpace – were frozen, while other items were confiscated, Domestic Trade and Consumer Affairs Ministry enforcement director, Datuk Mohd Roslan Mahayudin said.
The raid yesterday was part of a massive operation jointly conducted with BNM, the Companies Commission of Malaysia, the police, the National Revenue Recovery Enforcement Team (NRRET), Cyber Security, and the Attorney-General’s Chambers.
A total of 15 premises in the Klang Valley and Ipoh, Perak were raided for allegedly running illegal investment schemes in the operation.
“Authorities also seized computers and other companies’ assets worth RM980,352; local and foreign currencies worth RM93,879.20; while 26 vehicles worth RM6.23 million were frozen from ‘transfer from property’,” Mohd Roslan added.
He said, however, that no arrests were made as those allegedly involved in the scheme, including MonSpace’s founder, are cooperating with authorities.
“The police have not made any arrests, but the founder is banned from leaving the country,” he said
The founder is a 48-year-old woman with a ‘Datuk Seri’ title.
Mohd Roslan said the ministry’s enforcement department had been investigating the company since last year, following six complaints.
The reports were lodged by investors who were not paid promised investment returns; and over the usage of BNM’s logo on their website.
He added that the investigation revealed that the modus operandi of the scheme was to recruit at least two investors, with a minimum investment of RM500.
The maximum investment amount could be as high as RM5,000.
The case is being investigated under Section 27B of the Direct Sales and Anti-Pyramid Act.
It was reported that MonSpace, which has been in business for several years, landed in trouble when 19 Chinese investors lodged police reports against the company in May last year, alleging that they lost hundreds of thousands of ringgit.
MonSpace has been blacklisted and included in Bank Negara’s Financial Consumer Alert list.