The Central Bank of Malaysia are the primary financial regulator for the Malaysian economy.

As Malaysia’s Central Bank, Bank Negara Malaysia promotes monetary stability and financial stability conducive to the sustainable growth of the Malaysian economy.

Part of those duties sees the bank maintain a

a list of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BNM.

EmGoldex, a gold-based Ponzi scheme, was added to that list on the 10th of April 2015.

The Central Bank advises that

The public is advised not to make any deposit or investment with individuals and entities that are not regulated under the relevant laws and should conduct the necessary checks with the relevant authorities if there are doubts regarding any schemes offered.

EmGoldex solicit €540 EUR investments from affiliates on the promise of a €3500 EUR ROI. This ROI is funded by subsequent affiliate investment.

Malaysia’s investor warning brings the total number of recent EmGoldex regulatory actions to three.

Earlier this year the
Philippines SEC issued their own warning
against the company. Meanwhile over in the US, late last year 
civil fraud charges were brought against US-based EmGoldex investors
.

In response to the Philippine warning, EmGoldex threw investors under investigation under the bus. The company urged affiliates not under investigation to
report their fellow investors to the SEC
.

Whether EmGoldex investors in Malaysia will be subject to the same treatment remains to be seen.

🤖 Quick Answer

What is the role of Bank Negara Malaysia in financial regulation?
Bank Negara Malaysia serves as Malaysia's primary financial regulator, responsible for promoting monetary and financial stability to support sustainable economic growth. The institution maintains oversight of the Malaysian financial system and administers relevant laws and regulations governing financial entities and investments.

Why was EmGoldex added to Bank Negara Malaysia's blacklist?
EmGoldex, identified as a gold-based Ponzi scheme, was added to Bank Negara Malaysia's list of unauthorized and unapproved companies on April 10, 2015. The scheme operated without proper authorization under relevant Malaysian financial laws and regulations administered by the central bank.

What warning does Bank Negara Malaysia issue to the public?
Bank Negara Malaysia advises the public to avoid making deposits or investments with unregulated individuals and entities. Citizens are encouraged to conduct necessary verification checks with relevant authorities

🔗 Related Articles

- Joseph Craft settles, agrees to relinquish stolen TelexFree Ponzi funds
- OmegaPro a “fraudulent online trading platform” in Belgium
- Omnia Tech mining collapses, now pushing crypto trading Ponzi
- Our Gas Club Review: Troy Mason still at it with gas pyramids
- Pawel Wojnicz outed as Vexa Global Ponzi owner?