Bank Negara raids Asia Ceramic premises

Bank Negara Malaysia (BNM) raided the premises of Asia Ceramic Marketing Sdn Bhd on Wednesday following complaints from the public.

“Assets and documents of the company were seized,” said BNM in a press statement yesterday, adding that Asia Ceramic Marketing was being investigated under Section 24(1) of the Banking and Financial Instituitions Act 1989 and Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.

Although officials of Asia Ceramic Marketing declined to comment, an advisory has been published on its website telling distributors to stop all transactions for the time being.

According to the website, Asia Ceramic Marketing is “a trading and e-commerce company that produces compositions of ceramic and pottery products”.

To run their e-commerce platform, the company established the Ceramic Business Club (CBC) in 2007, which is claimed to be based on a network or multi-level marketing structure.

The CBC is essentially a pyramid scheme where distributors purchase membership with the club and partake in what the website terms business profit sharing. What makes them unique, says the company, is that membership in the CBC provides a risk-free, guaranteed income to distributors every month whereas other pyramid schemes require investors to actively recruit new members to gain an income. Further commissions are paid out for the recruitment of new distributors.

Some claim that there are two packages offered for membership into the CBC. One is worth RM155, and the other RM1,550.

Distributors are offered further perks such as Giant, KFC, and Pizza Hut vouchers as well as special travel packages.

BNM warned the public to “be cautious of deposit taking schemes and investment schemes offered by individuals or companies that are not licensed or approved by the relevant authorities.”

For a list of licensed institutions authorised to accept deposits, refer to BNM’s website, www.bnm.gov.my

- THE STAR

ANNOUNCEMENT

Bank Negara Malaysia has commenced investigations into Asia Ceramic Marketing Sdn Bhd and its related companies under Section 25(1) Banking and Financial Institutions Act 1989 (BAFIA) and Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA). Section 25(1) of BAFIA 1989 prohibits any person from receiving, taking, or accepting deposits without having a valid license, whereas Section 4(1) of AMLATFA 2001 prohibits any person from engaging in, or attempting to engage in, or abetting the commission of money laundering activities.

The raid on Asia Ceramic Marketing Sdn Bhd and its related companies was conducted at the premise of the company in Kuala Lumpur following complaints received from members of the public. Relevant assets and documents of the company were seized for the purpose of investigation.

Members of the public are reminded to be cautious of deposit taking schemes and investment schemes offered through various channels such as the internet, phone calls, or seminars conducted by individuals or companies that are not licensed or approved by the relevant authorities.

Members of the public may refer to the list of licensed institutions authorized to accept deposits which is available on Bank Negara Malaysia's website ( www.bnm.gov.my ).

For further enquiries, members of the public can contact Bank Negara Malaysia at the following contact points:

BNMTELELINK (Customer Service Call Centre)
Tel: 1-300-88-5465
Fax: 03-21741515
Email: bnmtelelink@bnm.gov.my

BNMLINK (Customer Service Walk-In-Centre)
Block D, Bank Negara Malaysia ,
Jalan Dato' Onn, 50480, Kuala Lumpur
(Business hours: Monday-Friday, 9.00 am - 5.00 pm)



Bank Negara Malaysia
23 July 2009

http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1880