Get Rich Quick Schemes

Hi Mr Tan,

Central Bank of Malaysia (i.e. Bank Negara Malaysia) recently probes an illegal deposit company - "The Gold Label Sdn Bhd" - as stated in this report, 8-May-2010.

There are just too many fraudalent & illegal get-rich-schemes (with empty promises and empty 'guarantees') designed to cheat consumers nowaday. As long as those being cheated stands out and notify the Central Bank or other authorised regulatory agencies, these regulators could conduct checks and investigations protecting the general public.

I believe there is similar authorities in Singapore too.

Philip

My comment
There is a law against illegal deposit taking in Malaysia. I believe that a similar law applies in Singapore. The financial products sold in Singapore that offer a buyback option option with interest at a high rate is a form of deposit taking. It should be regulated by the authority in Singapore.