Malaysia’s national bank warns of fraudsters using fake money lending licences

By Emir Zainul
Bank Negara Malaysia (BNM) has warned that there are persons or companies conducting illegal money lending activities using fake money lending licences, purportedly issued by the central bank.
“These fraudsters aim to deceive the public to believe that they are licensed money lenders 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,” BNM said in a statement.