BNM, agencies to hasten probe on ‘gold traders’

A Bank of Taiwan worker displays gold bars and ingots at the bank in Taipei October 7, 2009.—Reuters pic

KUALA LUMPUR, Oct 8 — Bank Negara Malaysia, the police and the Ministry of Domestic Trade, Cooperatives and Consumerism will mobilise the necessary resources to expedite investigations into Genneva Malaysia Sdn Bhd, Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd.

Source from (The Malaysian Insider): http://www.themalaysianinsider.com/malaysia/article/bnm-agencies-to-hasten-probe-on-gold-traders/
Published: October 09, 2012

Bank Negara in a statement today said the four companies, which were recently raided by it and the relevant enforcement agencies, will be investigated for suspected offences. These include illegal deposit-taking, money laundering, tax evasion and avoidance as well as misrepresentation, including false description and appointment of agents without licence.

“The seized assets and accounts are being kept for the purpose of facilitating investigations into the suspected offences and protect the interest of investors,” it said.

The central bank also advised the public to be cautious of investment schemes that promised high returns over a short period of time, with an arrangement that guarantees the return of the principal amount invested.

“Members of the public are advised to check with the relevant authorities when dealing with companies or individuals offering seemingly attractive business opportunities or financial services, that are not licensed by the authorities,” it added. — Bernama