Written by Joe Chin
Friday, 06 March 2009 17:09
KUALA LUMPUR: Bank Negara Malaysia raided Walton International Property Group (M) Sdn Bhd's offices in Kuala Lumpur, Kota Kinabalu and Kuching on March 5 under the Exchange Control Act (ECA) 1953.
The central bank said on March 6 the raids were carried out simultaneously following complaints received from members of the public.
"Relevant documents of the company were seized for purpose of the investigation," it said in a statement.
Bank Negara also advised the public to be cautious of this type of land banking schemes promoted by the company.
"Any elements of deposit-taking activities and public offerings such as 'interest schemes' or investment in real estates schemes (better known as 'real estate investment trusts' - REITs) should be referred to the appropriate authorities such as Bank Negara Malaysia, Suruhanjaya Syarikat Malaysia and Suruhanjaya Sekuriti," it added.
It also advised the public to use lawful remittance channels when making payment or sending money overseas.