On 20 July 2012, Bank Negara Malaysia (BNM) has released a list of 77 illegal Investment Company which are neither authorised nor approved under the relevant laws and regulations administered by BNM. The list only serves as a guide to members of the public based on information and queries received by BNM. Most of the company in the list are Illegal Foreign Exchange Trading Scheme and Illegal gold investment company. The company/individual listed as illegal because they're not an authorised dealer or has not obtained the permission of the Controller of Foreign Exchange under the Exchange Control Act 1953 (ECA). It is also illegal to trade foreign currency by a resident who is not an authorised dealer, with a person outside Malaysia, or by a resident who has not obtained the permission of the Controller of Foreign Exchange under the ECA.
Illegal Investment Company under BNM:
- globalcash. (Unlicensed activities)
- 1Gold.com.my. www.1gold.com.my (Gold investment)
- Al-Saliha Worlwide Sdn. Bhd. (Unlicensed activities)
- Amsyiq Gold Enterprise. (Gold investment)
- AU Niaga Sdn. Bhd. (Gold investment)
- AU79 International. (Gold investment)
- Bumi Klasik Warisan Enterprise. (Unlicensed activities)
- Caesar Gold Sdn Bhd. (Gold investment)
- Cakera Ringgit Sdn. Bhd. (Unlicensed activities)
- Dana Haji Jasman. (Unlicensed activities)
- Degold Empire S/B. (Gold investment)
- DNA Profile Sdn. Bhd. (Unlicensed activities)
- East Cape Mining Corp. (Gold investment)
- Extra Capital Programme. extracapitalprogram.com (Forex trading)
- Ezey Marketing. (Unlicensed activities)
- FE Brands (M) S/B. (Unlicensed activities)
- Flexsy Enterprise & Barrilorne Corp. (Gold investment)
- FNZ Capital Limited. www.intelfx.com (Forex trading)
- FX Primus. (Forex trading)
- Gain FX Capital S/B www.gainfxcapital.org (Forex trading)
- Gan Patt Services. (Unlicensed activities)
- Genneva Malaysia Sdn Bhd. (Gold investment)
- GGF Golden House Sdn Bhd (Gold investment)
- Global Creation Trading (Unlicensed activities)
- Global Venture Financing globalventurefinancing.com (Forex trading)
- Gorgeous Chain Sdn. Bhd. (Forex trading)
- Great Access Sdn. Bhd. (Unlicensed activities)
- Hexa Commerce Sdn Bhd (Forex trading)
- Honest Group Ltd (Unlicensed activities)
- Iconhill Holding Sdn Bhd (Unlicensed activities)
- IGC Diamond (Gold investment)
- Instaforex (Forex trading)
- Isothree Gold Sdn. Bhd. (Gold investment)
- Jalatama Management Sdn Bhd jalatama.com (Gold investment)
- Jazlaan Enterprise (Unlicensed activities)
- JM Communications & Technology Sdn Bhd (Unlicensed activities)
- JMI Global (Unlicensed activities)
- JTGold (Gold investment)
- Kris Plus Enterprise (Unlicensed activities)
- Lestari2U www.lestari2u.com (Unlicensed activities)
- Liberty Reserve www.libertyreserve.com (Forex trading)
- Life Time Holidays Sdn. Bhd. (Unlicensed activities)
- LocalAdClick localadclick.net (Unlicensed activities)
- Mari Wholesale (M) S/B (Unlicensed activities)
- Mega Dynasty S/B (Gold investment)
- Megaherbs Bioextreme (Unlicensed activities)
- One AutoCash www.clubautocash.com /www.1autocash.com (Unlicensed activities)
- Pageantry Gold Berhad (Gold Investment)
- Pancar Mayang Sdn Bhd (Unlicensed activities)
- Pars Pay Sdn. Bhd (Unlicensed activities)
- Prestige Dairy Farm (Unlicensed activities)
- Program 10 Bulan Forex Trading (Forex trading)
- Program I-Rich (Unlicensed activities)
- Projek Duit 2012 (Forex trading)
- Provisio Multimedia (Forex trading)
- Real Ingenious S/B www.worldfocus.co (Forex trading)
- RGCX Trading Corp www.goldrgcx.com/richman8 /www.rapidgcx.com (Forex trading)
- RMMUDAH.COM (Unlicensed activities)
- Rowther Technologies MSC Sdn Bhd (Unlicensed activities)
- RS Capital Holdings Bhd (Unlicensed activities)
- Slimberry Extreme Team slimberryxtreme.com /zatslimberry.blogspot.com (Unlicensed activities)
- Speedline www.speedline-inc.com (Forex trading)
- Sri Perkasa Emas Trading (Gold investment)
- Suliz Pearl Mines (Unlicensed activities)
- Swiss Capital Venture (Gold investment)
- Syarikat GECS Ltd (Forex trading)
- Syarikat OLTA Capital Management Inc (Forex trading)
- Syarikat Sri Alam (Unlicensed activities)
- Tabung Dana Ehsan (Unlicensed activities)
- Titan Group Sdn. Bhd (Unlicensed activities)
- TukarGold.net www.tukargold.net (Gold investment)
- VC Gold Sdn. Bhd (Gold investment)
- Vertical Dragon Sdn. Bhd. (Unlicensed activities)
- Virgin Gold Mining Corporation (Gold investment)
- Worldwide Far East Berhad (Gold investment)
- XOC7 (Unlicensed activities)
- Zeta Capital Management (Unlicensed activities)
How the illegal investment company operate:
1) Illegal operators usually operate on a small scale and claim they can provide remittance services efficiently, without the need for any documents or identification. They rarely use documents to validate and verify the transactions. By engaging in these transactions, customers run the risk of being cheated and their funds may never reach its intended destination.
2) Illegal operators usually target job seekers by placing attractive advertisements to lure prospective employees to join the company, after which they use them to solicit for new investments. Most often, employees will be encouraged to approach their direct family, relatives and friends before targeting members of the public.
3) Illegal operators usually portray a professional and reputable image, a high-tech office layout and advanced IT facilities, such as a LCD screens displaying movements in exchange rates to provide the impression that a legitimate and real business is being conducted. These facilities are merely a false front.
4) Investors can either trade using their trading accounts with the company or through dealers appointed by the company. In some cases, investors are allowed to operate their accounts via the Internet.
5) Investors are also required to sign a business contract which is normally entered between the investors and a principal company overseas.
6) In most instances, the operators will inform the investors that they will have to send these contracts to its principal company overseas for signing. However, such contracts are usually left unsigned.
7) As such, in the event the investors are unhappy with future dealings and transactions, no action can be taken against the company as there is no binding contract between them.
8) Investors will usually get high returns on their initial investments. This will convince them to increase their investments in hopes of higher returns. Eventually, they will end up losing everything when the illegal operators suddenly go missing.
9) Investors who lose their money through purported volatility of exchange rate movements are informed by the illegal operators that they need to pay margin-call in order to recover their paper loss
10) The illegal operators may also encourage investors to increase their investment to try to recover their losses.
You can report directly to Bank Negara Malaysia via the following communication channels:
Call: 1-300-88-5465 (1-300-88-LINK)
Fax: 03-2174 1515
SMS to 15888: BNM TANYA [your report / query]
Email: bnmtelelink@bnm.gov.my
Source: bnm.gov.my
