Back in end-2021, a joint enforcement action was taken against i-Serve Online Mall Sdn Bhd and its related affiliates, resulting in the freezing of 45 bank accounts in seven banks and seizing of cash totalling RM118.7 million. (Source: TheEdge)
During that time, Bank Negara Malaysia (BNM) said the action was coordinated by the National Anti-Financial Crime Centre with BNM as the lead agency, along with the Securities Commission Malaysia, Companies Commission of Malaysia, Malaysian Anti-Corruption Commission, Royal Malaysia Police and CyberSecurity Malaysia.
The raid caused some hoohaa in the market back then. On 26 January 2022, i-Serve Online Mall, its shareholders Datuk Goh Hwan Hua and Boon Soon Heng, Goh’s wife Datin Neow Ean Lee, i-Serve Technology & Vacations Sdn Bhd (ISTV), Advance Digital Ventures Berhad (ADV) and Trillion Cove Holdings Berhad (TCH) filed a judicial review application in the High Court.
Subsequently, the e-commerce firm i-Serve Online Mall Sdn Bhd and its affiliates obtained leave from the High Court to initiate a judicial review to challenge the freezing of its accounts by Bank Negara Malaysia (BNM). (Source: MalayMail)
And, now according to the latest statement released from BNM:
Following a joint enforcement action taken against the above entities on suspicion of committing various offences, BNM’s investigation revealed that between June 2018 and September 2021, the respective entities had accepted deposits from the public and had consequentially engaged directly in transactions that involved proceeds of such illegal deposit-taking activities.
This was undertaken through schemes where monies were accepted from the public on terms under which the monies would be repaid in full, in breach of the FSA.
In accordance with BNM’s governance and approved frameworks, the total compound amount was determined by considering factors such as the severity of offences committed and all aggravating and mitigating factors.
On 16 November 2022, the entities paid the total amount of compound of RM50 million imposed by BNM.
I-Serve Group has been instructed to ensure that it does not operate any scheme or a semblance of a scheme that accepts deposits from the public, in contravention of section 137(1) of the FSA.
~ End ~
Follow our active FB page via
Follow our Crowdfunding FB page via
Follow our e-wallet FB page via
No comments:
Post a Comment
Finance Malaysia Blog appreciates your comment. Cheers!