Legal Actions by the Malaysian Govt.
We thank this latest contribution received by our Moderator theBat$ concerning recent and ongoing swoops made on several locations in Malaysia.
Please note the serious consequences that are imposed should one be found contravening the banning of unregulated operations or programs that have gripped many pockets to near bankruptcy resulting from being scammed by unauthorised set ups!!!
The Admins.
Link to site: Access to sites cut in crackdown on Internet scams
Access to sites cut in crackdown on Internet scams
Quote:
06/13/07 - The Staronline reports.
KUALA LUMPUR: The authorities have started a crackdown on cyber scams, blocking access to six illegal investment websites and raiding the offices of an Internet firm in the Klang Valley.
In a press statement released yesterday, the Securities Commission said the six websites were The ABB Group - Automation and Power Technologies or www.abfund.us, www.cfdventure.com, Swedenmutualfund, www.uebond.com, www.esuissefund.com or www.efmf.com.pa and Home.
“SC will continue to work with Bank Negara, the Malaysian Communications Multimedia Commission (MCMC) and CyberSecurity Malaysia to track, identify and block access to websites promoting investment scams.
“It will take all measures to fight illegal investment activities, including taking enforcement action against operators and agents of illegal investment websites,” the statement said.
In the next few months, more scam websites will be blocked. The SC has identified some 60 websites that are involved in illegal cyber investments.
Bank Negara and the SC have begun joint operations with the police in tracking down such illegal e-investment activities.
On Monday, a raid was conducted on several AB Fund offices in the Klang Valley for suspected illegal deposit-taking and investment activities.
It was learnt that documents, equipment and servers were among the items confiscated from the premises, while statements were also taken from its employees.
An illegal deposit-taking operator can be jailed up to 10 years or fined RM10mil, or both, the statement said.
Recently, thousands of Malaysians were believed to have lost several million ringgit in an “investment” scheme known as buy-e-barrel, which closed down abruptly.
The scheme offered daily interest of between 2% and 3% for an investment of between US$100 (RM345) and US$2,000 (RM6,900).
Last year, two Datuks and six others were placed under remand to aid in investigations into a get-rich-quick scheme that allegedly promised “huge returns for a minimum investment”.
The alleged scam, known as SwissCash or Swiss Mutual Fund, claimed that investors’ funds were channelled to business activities ranging from oil exploration to shipping and agriculture in the Caribbean.
Investors were required to pay a registration fee of US$30 (RM103.50) to join the scheme, which allegedly offered huge returns for a minimum investment of US$100 .
The public are advised to refer to the SC’s Frequently Asked Questions: “Do Not Invest in Illegal Internet Investment Schemes” available at Securities Commission, Malaysia.
Investors who are still participating in such illegal investment schemes via the Internet have been reminded to withdraw their investments and terminate their accounts immediately as they would not be able to access their accounts once the websites are blocked
Link to site: Access to sites cut in crackdown on Internet scams
