KUALA LUMPUR: Bank Negara Malaysia has cautioned the public about a scam using fake money lending licences to carry out their illegal activities.

Bank Negara said on Wednesday these persons or companies were carrying out illegal money lending activities using licences purportedly issued by the central bank.

“These fraudsters aim to deceive the public to believe that they are licensed money lenders and to lure the public to make initial payments for various purposes related to the loan such as administrative expenses, stamp duty and legal fees.

“These fraudulent activities are promoted through the website, social media, telephone calls, SMS, emails or other forms of communication,” it said.

Bank Negara does not issue money lending licences. Money lending business is governed under the Moneylenders Act 1951 and administered by the Ministry of Urban Wellbeing, Housing and Local Government.

It urged all victims of the above financial scam to lodge a report with the police. – THESTARONLINE

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