Domestic Trade, Cooperatives and Consumerism Ministry enforcement chief Mohd Roslan Mahayudin told the daily the accounts were frozen under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
He said the money was in 43 company and 48 individual accounts in eight different banks.
The daily said authorities seized documents related to the business, information on transactions, computers, branded goods, gold bars and jade jewellery.
Enforcement officers from various agencies had raided the M Square logistics centre in Ampang, Kuala Lumpur, and M Mall, a shopping complex in Penang, where shoppers are allowed to use loyalty reward points in exchange for goods.
Besides officers from the ministry, police and officers from the Companies Commission of Malaysia, CyberSecurity Malaysia and Bank Negara were involved in the operations.
Members investing money in the scheme get virtual coins in return.
After a period, they can convert these coins into points to spend at places like M Mall.
The scheme is said to give substantial returns and members have urged the authorities to allow the company to continue its operations.
MBI International Sdn Bhd and Mface International, which are subsidiaries of MBI Group, were among the 302 companies listed under Bank Negara Malaysia’s Financial Consumer Alert on May 22.
This list alerts members of the public to companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by the central bank.
Yesterday, FMT quoted M Mall complex manager Teoh Jin Aik as saying no computers were taken away during Monday’s raids and their bank accounts remained active and were “not frozen”.
He said it was business as usual for traders operating out of the mall on Jalan Dato Keramat in Penang and urged members to stay calm.
“The officers were here for a routine check; nothing to worry about,” he said when contacted.