Authorities conducted a joint raid on MGSB Bhd for suspected illegal financial scheme activities under the Financial Services Act 2013 (FSA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).The raid took place on Sept 15 and was led by Bank Negara Malaysia together with the National Revenue Recovery Enforcement Team of the Attorney-General’s Chamber (NRRET), Royal Malaysian Police (RMP) and Companies Commission of Malaysia (SSM).
According to an announcement posted on the Bank Negara website, raids were also conducted on seven premises related to MGSB and its affiliates.
"Three company directors suspected to be the mastermind and agents for illegal deposit taking activities were arrested and remanded. The joint raiding operation also resulted in the freezing of 54 bank accounts in 11 banks and seizure of cash comprising ringgit and foreign currencies amounting to more than RM700,000 under the AMLA.
"Under Section 137(1) of the FSA, it is an offence for any person to accept deposits without a licence. Investigations for money laundering will also be undertaken under the AMLA. Upon conviction, a person is liable to a fine of not less than five times the sum or value of the proceeds of an unlawful activities or instrumentalities or RM5 million, whichever is higher, and imprisonment not exceeding 15 years," it said.
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