BNM URGED TO MONITOR GET-RICH-QUICK SCHEMES
Consumer Association of Sabah and Labuan president, Datuk Patrick Sindu, has asked Bank Negara Malaysia (BNM) to set up a special committee to monitor the mushrooming pyramid schemes and other illegal deposit-taking activities in the state.
Datuk Patrick said many people had become victims to investment schemes by individuals or companies not licensed or authorised by BNM, involving millions of ringgit.
“Some of these organisers use the Internet to promote their investment schemes and some even convince victims to part with their hard-earned cash by coercing them to invest in businesses with promises of high returns.
“Most of these victims are not rich and are easily taken in by the get-rich-quick schemes and scams, without thinking about investment risk,” he told Bernama yesterday.
On Tuesday’s BNM raid on the office of Gemilang Mirza Sdn Bhd in Papar, Sabah on suspicion of illegal collection of deposits and money-laundering activities, Patrick said the association welcomed the move and hoped the central bank would continue to keep tabs on such schemes.
BNM said it stormed the office following public complaints.
Patrick said the association was willing to spearhead the committee or even become a Rakan BNM to achieve the desired result for common good.
“Essentially, what we’re doing is working together. From what we have gathered the real culprits of these illegal schemes are living outside the state and they are using locals to organise them,” he said. Bernama