GEORGE TOWN, May 30 ― Business at the virtual money mall in Datuk Keramat here has returned to its regular operations, the complex manager Teoh Jin Aik said following a surprise government raid yesterday.
All shops and traders at the mall, called M Mall, were not affected by the government raid on the operator, MBI Group's office yesterday, he said.
“The authorities were only doing a routine check, there's nothing to be concerned about,” he said when contacted by Malay Mail Online today.
Teoh said the authorities had also raiding the MBI Group headquarters in Ampang but all the authorities took were just some files and documents.
“All our accounts are still working, they did not freeze our accounts and they did not take away any of our computers, everything is still here,” he said.
He said members were also not concerned even after news of the raids were published in newspapers today.
“There was no panic amongst members, there was no panic to withdraw or redeem their points, everyone is just as usual,” he said.
Yesterday, authorities consisting of Bank Negara Malaysia officials, Companies Commission of Malaysia officers, Domestic Trade, Co-operatives and Consumerism Ministry officers and police raided the MBI Group’s office on the fifth floor of the mall.
The authorities, who were at the office for five hours, left with a trolley full of documents.
MBI Group offers a financial scheme that involves virtual coins where investors can join as “members” by investing an initial US$5,000 (RM21,419) for points.
The members will then be rewarded with bonus points according to a pyramid-like scheme.
The points can then be redeemed through cash or shopping and spending at all the shops in M Mall and other affiliated businesses elsewhere.
One of the owners of a shop in M Mall, who preferred to remain anonymous, said the MBI Group is a stable business.
“They've been doing this for so many years and they are not harming anyone but instead, they are generating the economy and helping tourism because they are also bringing in tourists from mainland China,” he said.
He pointed out that MBI Group is bringing business to the many shops and traders in the mall which is a good thing for the local economy.
“If anything were to happen to them and the mall has to be closed, all of us will be affected,” he said.
