KUALA LUMPUR: Bank Negara Malaysia has launched investigations into Semangat Teknologi Gagah Sdn Bhd (STG) and its related companies for suspected illegal deposit taking.

The central bank said on Tuesday, Feb 9, the raids on STG and its related companies were carried out on Feb 4 at their premises in Kuala Lumpur and Selangor following complaints from the public.

It said the company had breached the Banking and Financial Institutions Act 1989 (BAFIA) and Anti-Money Laundering and Anti-Terrorism Financing Act 2001.

The central bank reminded the public to be cautious of deposit taking and investment schemes offered via various channels such as the Internet, phone calls, or seminars conducted by individuals or companies that are not licensed, approved or authorized by the relevant authorities.