KUALA LUMPUR: The authorities are coming down hard on companies illegally dispensing investment advice on the Internet, with one such company raided and access to six websites blocked yesterday.

Bank Negara, the Securities Commission and the police yesterday raided the premises of AB Fund on suspicion of illegal deposit-taking and money-laundering activities.

A Bank Negara spokesman said officials confiscated documents, computers, laptops and cash from the premises and recorded statements from "certain individuals".

AB Fund is not licensed by the Securities Commission to provide investment advice related to securities or futures activities, or carry out fund management activities in Malaysia.

Upon conviction, an illegal deposit-taking operator can be fined up to RM10 million or jailed up to 10 years, or both. A person convicted of money laundering is liable to a fine of up to RM5 million or a jail term of up to five years, or both.

A person giving out investment advice on securities or futures without a licence also faces a fine of up to RM1 million or a jail term of up to 10 years.

Meanwhile, the SC, together with the Malaysian Communications and Multimedia Commission (MCMC) and CyberSecurity Malaysia, has blocked access to six illegal investment websites.

The SC, in a statement issued yesterday, said the action follows its alert on May 31 to investors that it would do so.

It said that the SC would continue to work with the MCMC and CyberSecurity Malaysia to track, identify and block access to websites promoting investment scams.

It called on investors participating in such schemes to withdraw their investments and terminate their accounts immediately. Investors will not be able to enter their accounts once access to the websites is blocked.

The websites blocked are: www.abbfund.com or www. abfund.us, www.cfdventure. com, www.swedenfund.com, www.uebond.com, www.esuissefund.com or www.efmf. com.pa and www.ecashfinance.com.

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