14 others on Bank Negara’s alert list brings total to 334

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These companies are alleged to be operating money games and unauthorised cryptocurrency platforms and are in addition to the 14 others that made it to the list on June 22.

bank-negara-emailPETALING JAYA: Bank Negara Malaysia (BNM) has issued a fresh list of companies on its financial alert list, with 14 new entities believed to be operating money games and unauthorised cryptocurrency platforms added on yesterday afternoon, English daily The Star said.

The companies are CYL Asia Enterprise, CYL Peoria Enterprise, CYL Prospect Trading, CYL4U Resources, JJ Commerce Trading, JJ Online Enterprise, L&L Property Ventures SB and Mama Captain Interna­tional.

Also on the list are Nahana Global Resources, New Gen Food Sdn Bhd, NGR Asia Group Sdn Bhd, NGR Global Sdn Bhd, Relax Green Enterprise and Richway Green Venture.

Meanwhile it is believed JJ Commerce Trading and JJ Online Enterprise are linked to the JJPTR investment scheme that got into trouble in April, after its founder Johnson Lee, 28, claimed funds were siphoned off by “hackers”, resulting in losses of over US$50 million (RM217 million).

CYL Asia Enterprise, CYL Peoria Enterprise, CYL Prospect Trading and CYL4U Resources which ran the Change Your Life forex scheme, offered a 30% monthly return on investments, the news report said.

Mama Captain meanwhile is believed to be a cryptocurrency-cum-pyramid scheme in which the investment is similar to the share market where a “split” method is used.

Out of the investment amount, 50% goes into a cash wallet, 20% into a share wallet for buyback of the company’s shares, 20% into the company’s own Barrel2U reward points and 10% for administration fees, the news report said.

Mama Captain had a list of 17,812 merchants under the Barrel2U rewards points programme where investors would receive “Haha points” that they would spend on its online shop MamaHarbour, based on the amount they put invested and from investors they recruited.

According to BNM, the total list of companies in the country neither authorised nor approved under relevant laws and regulations administered by the central bank, now stands at 334.

On June 22, BNM updated its financial consumer alert list, adding 14 companies suspected of operating money games and pyramid schemes without authorisation or approval under the country’s relevant laws and regulations.

The schemes were allegedly offering investors between 10-30% in monthly returns.

The companies listed were Ahmad Zulkhairi Associates PLT, Ethtrade Limited, Ethtrade Malaysia, Kilauan Padu Services Sdn Bhd, O2 Only One, OG1 Asean, Only One International Sdn Bhd, Proficiency Management and Services, Smart Trade Entrepreneur, Smart Trade Resources Sdn Bhd, TF International Group, TF International Group (MY), TF International W1212 KL Team and ZEMC Sdn Bhd.

14 more companies on Bank Negara’s alert list

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