RM 118.7m cash & accounts frozen by BNM raids 🚨 i-Serve Online Mall. 💸
A joint enforcement action was taken against i-Serve Online Mall Sdn Bhd and its related affiliates, freezing 45 bank accounts in 7 banks and seizing of cash totaling RM118.7 million❗
Bank Negara Malaysia (BNM) said the action was coordinated by
The National Anti-Financial Crime Centre with BNM as the lead agency, along with
The Securities Commission Malaysia,
Companies Commission of Malaysia,
Malaysian Anti-Corruption Commission,
Royal Malaysia Police and
i-Serve Online Mall describes itself as starting out in 2001 by providing smart card solutions and software development, before progressing to create kiosks for big names such as Eastman Kodak, Nokia as well as AirAsia.
The action against i-Serve Online Mall was for suspicion of committing various offences, including under the Financial Services Act 2013 (FSA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
Members of the public are advised that under Section 137(1) of the FSA, it is an offence for any person to accept deposits without a license
If convicted, the person may be imposed with a fine of not less than 5 times the sum or value of the proceeds of unlawful activities at the time the offence was committed or RM5 million, whichever is higher, and imprisonment not exceeding 15 years.
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.