Monspace founder barred from leaving the country

PUTRAJAYA: Authorities investigating activities conducted by e-commerce company Monspace have managed to get its founder barred from leaving the country while a probe is under way.

Enforcement authorities from multiple agencies had requested that the Immigration Department put the 48-year-old on its blacklist following a special operation that was conducted on the company for allegedly running illegal investment or “money game” schemes.

Domestic Trade and Consumer Affairs enforcement director Datuk Roslan Mahayudin said it was decided that there was no need to arrest the woman as she had given her cooperation to the authorities during the operation codenamed Ops Coin.

“Nevertheless, we have barred her from travelling overseas while the investigation is ongoing,” he said when briefing the press on Ops Coin.

Various authorities were also involved in Tuesday’s raid, including the police, Bank Negara and the Attorney General Chamber’s National Revenue Recovery Enforcement Team and the Companies Commission of Malaysia.

The joint operation saw 16 premises linked to the company being raided – business outlets, homes and offices used as server centres by Monspace.

Roslan said his division would investigate the company for offences under the Direct Sales and Anti-Pyramid Scheme Act, adding the police and Bank Negara would also investigate the company for possible violations under the Anti Money-Laundering and Counter Financing of Terrorism Law.

“As a result of the ops, we have frozen 72 business and personal accounts containing RM5.87mil. We have also managed to stop transactions to transfer ownership of 26 vehicles valued at RM6mil,” he said.

Cash amounting to RM93,000 was also seized during the raids in the Klang Valley and Ipoh.

Roslan said authorities had yet to ascertain how many people had signed on as members of this scheme and was hoping that data collected from the server centres would help shed light.

He said his division received six complaints on the activities of Monspace last year with people claiming that they failed to get any returns from their investments and the use of Bank Negara’s logo on the company’s website.

Previous reports stated that Monspace, which was founded in 2014, is listed as a multi-level marketing company, according to the Companies Commission of Malaysia.

Monspace is also listed on Bank Negara’s Financial Consumer Alert.