09 October 2012 | last updated at 08:09AM
Probe into gold trading firms to be stepped up
KUALA LUMPUR: Bank Negara Malaysia, police and the Domestic Trade, Cooperatives and Consumerism Ministry will mobilise the necessary resources to expedite investigations into four gold trading companies which were raided last week.
Bank Negara said in a statement yesterday that Genneva Malaysia Sdn Bhd, Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd will be investigated for suspected offences, including illegal deposit-taking, money laundering, tax evasion and avoidance, and misrepresentation, including false description and appointment of unlicensed agents.
"The seized assets and accounts are being kept to facilitate investigations 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, urging them to check with the authorities beforehand. Bernama
