BNM: Beware Of Fake Moneylenders

BNM: Beware Of Fake Moneylenders

Malaysians have to be wary of people or companies conducting money lending activities with fake lending licences purportedly issued by Bank Negara Malaysia (BNM).

“These fraudsters aimed to deceive the public to believe they were licensed moneylenders 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,” the central bank said in a statement.

BNM said it did not issue money lending licences and explained that such businesses were governed under the Moneylenders Act 1951 and administered by the Ministry of Urban Wellbeing, Housing and Local Government.

Malaysians were reminded to be vigilant of any person or parties who claimed to be licensed by the bank, added BNM.


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