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Saturday, June 20, 2009

Illegal Deposit-Taking

Looks like another form of scam in this hard times. One of my friend even was so convinced that this was a legal business that she joined in as a marketer for them and had made sales close to a million. She was trying to complete the 1 million dollar target as that would have earned her 1 thousand dollar every month in passive income alone.

Bank Negara team swings into action against Bestino Group


KUALA LUMPUR: Bank Negara has frozen the assets of Bestino Group Berhad, pending investigations into its alleged illegal deposit-taking and issuance of redeemable preference shares.

It is learnt that a task force had begun a full investigation into the company and its related activities following reports that Bestino had issued preference shares worth more than RM300mil to investors.

Sources said the authorities were investigating if the company had other branches besides those in Ipoh and Petaling Jaya.

It is learnt that investors were initially given gold bars with the face value equivalent to the amount invested.

However, they claimed that after several months of investing with Bestino, they were told by the company that Bank Negara did not allow the company to collect more than RM500mil in cash.

An investor, who declined to be identified, said that when he invested with the company in 2006, he was given gold bars with the face value equivalent to the amount invested.

However, he said those who wanted to invest in April last year were issued redeemable preference shares with a promised return of 3% per month.

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