VIRTUAL CURRENCY MALL RAIDED
GOVERNMENT officers, backed by policemen, remove documents from the offices of MBI International Sdn Bhd in George Town. This is done in connection with investigations into a scheme that allows investors to exchange virtual money for goods and services.
AMALL here where shoppers paid for things in virtual currency was raided yesterday.
Investors at MBI Group International, a local financial scheme company, in Jalan Dato Keramat here were shocked to see a raiding team moving into the management office on the fifth floor of M Mall.
Officers entered the mall, which honours the virtual coins of financial scheme operator MBI Group International, at noon.
Those in the raiding team included police officers and personnel from the Companies Commission of Malaysia, Domestic Trade, Cooperatives and Consumerism Ministry and Bank Negara Malaysia.
Newsmen and photographers were also blocked from waiting near the area.
The workers at the mall looked restless when they saw the group of plainclothes officers going through documents during the raid.
Bundles of documents were seen being packed in two huge boxes and carried out of the fifth floor office on a trolley five hours later.
There were no signs of the company’s employees being detained by the task force.
Penang police refused to comment as it was a raid by federal agencies.
On May 22, Bank Negara flagged MBI International Sdn Bhd and Mface International Sdn Bhd, which are subsidiaries of MBI Group.
It was reported that MBI Group was founded in July 2009 with several prominent personalities at its core.
The virtual coins, known as Mcoin, started to gain attention of potential investors as they promised high returns compared with other investment companies.
Investors in the scheme are allowed to spend their loyalty points, which are converted from virtual money or coins, in exchange for goods and services at affiliated companies, including a supermarket, restaurants, a gym and even a durian stall.
To date, 302 companies have been listed under the BNM financial consumer alert list on suspicion of not adhering to relevant laws and regulations.
Page 1 pic: Officers raiding the MBI International Sdn Bhd office in George Town yesterday. PIC BY SHAHNAZ FAZLIE SHAHRIZAL
Officers removing documents from MBI International office in George Town yesterday.