PUTRAJAYA: Some 91 bank accounts with funds totalling RM177mil have been frozen following Monday's raids on various locations linked to MBI Group International.
Domestic Trade, Cooperatives and Consumerism Ministry enforcement chief Datuk Mohd Roslan Mahayudin said the accounts were frozen under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
He said the accounts - 43 company and 48 individual - were with eight different banks.
During a press conference at the ministry offices here Wednesday, Mohd Roslan confirmed that the accounts were connected to MBI.
However, he said it was too early in the investigation process to reveal the names of the account holders.
Six premises in the Klang Valley and Penang were raided, and authorities seized documents related to the business, information on transactions, computers, branded goods, gold bars and jade jewellery.
On Monday, enforcement officers from various agencies raided the M Square logistics centre in Kuala Lumpur and the M Mall shopping complex in Penang where shoppers use loyalty reward points in exchange for goods.
The raid, led by officers from the ministry, included police and personnel from the Companies Commission of Malaysia, CyberSecurity Malaysia and Bank Negara.
MBI International was recently red-flagged by Bank Negara for having a questionable financial scheme.
Members put money into the scheme and get virtual coins in return. After an incubation period of over a year, they can convert these coins into points to spend in several services and retail establishments under the MBI umbrella, such as M Mall.
The scheme is said to give substantial returns each year and this is believed to be the longest-running financial scheme founded in Penang.
91 akaun bank berkaitan skim Mface Club dibeku, artis bergelar 'Datuk' disiasat