Well, you flaunted it: Biz homeowners parading flashy existence on-line now on cops’ radar for potential cash laundering

KOTA BARU: Police are monitoring a lot of founders of beauty manufacturers and on-line companies who flaunt extraordinary wealth on social media for potential money-laundering actions.

Kelantan police chief Comm Datuk Mohd Yusoff Mamat (pic) mentioned that though the enterprise actions of the people involved had not been discovered to contain scams, their show of lavish existence, together with showcasing stacks of money throughout reside social media broadcasts, had drawn the eye of the authorities.

He mentioned the monitoring was centered on figuring out whether or not there have been any components of cash laundering.

“They are now on our radar. We are monitoring them for possible money laundering.

“If any offences are detected, we are going to take motion along with the Inland Revenue Board and Bank Negara Malaysia,” he said in a recent interview.

He said those under investigation would be required to produce supporting documents, including receipts and transaction records, to substantiate the source of their funds.

Elaborating, Comm Yusoff said such ostentatious displays of wealth on social media were often intended to attract public attention to the products being marketed.

“When individuals see somebody showing rich and displaying stacks of money, they assume the merchandise are promoting nicely and might generate substantial income,” he said.

In a related development, he advised the public to remain vigilant against scam syndicates and not be easily lured by investment schemes promising lucrative returns within a short period.

He also urged the public to familiarise themselves with the modus operandi of scammers, avoid answering calls from unknown numbers, and use only legitimate and trusted online trading platforms.

“If an funding guarantees enormous returns in a brief interval, it needs to be handled with suspicion.

“And if you’re too lazy to (do the research), just ask ChatGPT how to avoid scammers,” he mentioned. – Bernama