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 Business

Beware of illegal FBV investment scheme – SKM

30th December, 2020

KUALA LUMPUR: The Cooperative Commission of Malaysia (SKM) has advised the public not to be influenced by deposit collection activities under the Fellowship Business Venture (FBV) which offers high returns.

SKM said in a statement that a check has revealed that FBV conducted under Koperasi Samudra Malaysia Bhd did not have the commission’s approval.

“This scheme did not get approval under sections 50E and 52A of the Cooperatives Act 1993, where cooperatives are not allowed to take deposits and give loans without the permission of the commission.

“Cooperatives are also strictly prohibited from paying dividends, profits or returns on a monthly basis,” he said.

In this regard, SKM advises the public to be vigilant and to contact the commission via the official line at 03-20834000 or email to webmaster@skm.gov.my should they have any concerns. –Bernama

   
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