BNM warns of illegal money lenders

KUALA LUMPUR: Bank Negara Malaysia (BNM) has cautioned the public on persons or companies conducting illegal money lending activities using fake licences purportedly issued by it.

In a statement yesterday, BNM said the fraudsters aimed to deceive the public by posing as licensed money lenders and lure them into making initial payments for various purposes related to loans, such as administrative expenses, stamp duty and legal fees.

“BNM 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.

“These fraudulent activities are promoted through the website, social media, telephone calls, SMS, emails and other forms of communication,” the central bank said. — Bernama

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