Money Games...Get Rich fast

In Malaysia, the legal tender is ringgit in the daily business or financial transactions. Foreigners or tourists bringing in their own currencies are required to convert into ringgit for any economical activities. In short term, it means that only ringgit is accepted and no other or loyal points are to be used.

The raid on MBI Group International by the authorities including Bank Negara is expected as MBI promote non-ringgit activities contravening our monetary regulations in our business and financial transactions. If the so-called “Loyal points” based transaction are allowed to proliferate in our financial and economic market for substitution or alternative choice of ringgit, it will create confusion and susceptibility and,, if left unchecked, our monetary system can be unavoidably derailed . There have been thousands of foreign tourists doing purchases by using the so-called “loyal points” as legal tender in the past years. A normal business man will ask ,” Where is the money? Is the money deposited in Malaysia?” Surely, the answer is “ NO”. This is clear loophole of the free market-system and the unscrupulous money gamers fully make use of this without realizing worth millions of ringgit of goods being siphoned to foreign lands with money deposited in our country. The non-ringgit transaction is detrimental to our economy.

Action by the authorities to nip the bud on the Money Game or Get Rich Quick is commendable as it will prevent more ignorant and innocent people falling into the trap and become victims of the games. However, we have yet to see those investigated under the illegal money-games charged in court. Ironically, our neighboring countries had apprehended and charged the one and same person who had carried out the get-rich scheme in our country.