Bank Negara has again red-flagged another fourteen companies which are allegedly operating money games and pyramid schemes and with the latest addition, there are now 316 companies which are neither authorised nor approved under the relevant laws and regulations for operating business or financial activities in our country.
It is quite shocking to note that there are so many companies operating money games and pyramid schemes favour Malaysia as their bases and centres. Many questions are being posed to our authorities. Are our existing laws inadequate and ineffective to curb or control these money games ? Are our enforcement blindfolded or handicapped amidst the blossoming of these unauthorized and unapproved business activities? What ironical was that at least one of the directors had been caught and jailed in our neighbouring country but not in our country where the jailed director amassed millions of dollars. Isn’t it a mockery of our enforcement?
The publication of names of companies involved in unauthorized and unapproved financial activities will not deter any ignorant or greedy investors being lured into the lucrative investments. To enhance the public confidence, other than giving warnings through media, immediate action must also be taken. Though raids were conducted by task force comprises officers from Bukit Aman’s Commercial Crime Department; the Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK); Bank Negara Malaysia; and the Companies Commission of Malaysia, there seems not a slight jitter being created on the existing investors on the companies raided. This is an alarming sign to the authorities to nip the bud before the money games or pyramid schemes proliferating into uncontrollable state in our financial and business circles.
Our legal tender is ringgit but virtual coins via Loyalty Reward Points launched by the Money Gamers are being used in the daily business transactions. It is a clear contravention of the norm of Money Service Business Act. Goods worth billions of ringgit had been bought with Loyalty Rewards Points and transferred by foreign tourists out from our country but with their money deposited in the foreign branches. The outflow of goods without any real money involved should be checked and put to a stop as it is detrimental to our economy.
The authorities should act fast in wake of the mushrooming of the money game activities. The public has been watching the action to be taken since the raids conducted by the authorities. If there is no action or charges made against the so-called outlaws, the public confidence and trust on the current money-games will be further enhanced as the questionable legality would be diminished in due course.
