Be careful with investment products from foreign banks — MP
MIRI: Miri MP Dr Michael Teo Yu Keng has reminded the local community particularly those with accounts with foreign banks to be vigilant against any investment products offered to them, for fear that it could possibly be a moneylaundering syndicate.
Dr Teo, in a press conference yesterday, revealed that after he filed a suit against a foreign bank and two of its officers for allegedly scamming him with an investment product, four more local Mirians had told him they faced a similar plight.
“I must say that this is no small case, because it involves hundreds of thousands or even millions of ringgit lost in these scams.
“Not only that it happens in Miri or in our country, I have even read few similar scam cases reported against foreign banks in Singapore.
“Thus, such cases don’t only occur here, but also other countries,” he lamented.
Dr Teo, who brought up the issue in the Parliament recently, urged Bank Negara to filter any suspicious products sold by banks, particularly foreign banks, to protect Malaysians from falling victims.
“To prevent more from falling victims to such scams, police department, Malaysian AntiCorruption Commission (MACC) and Bank Negara must be competent and be able to resolve and reduce these cases,” said Dr Teo.
In March this year, Dr Teo had lodged a police report against a bank after he found out that he was scammed of $ 272,893.84 in Singapore dollars from his fixed deposit account.
In early July, he filed a suit against the bank, represented by lawyer Abun Sui.