KUALA LUMPUR – The Penang-based company Mama Captain International has denied that it is a money game despite being blacklisted by the central bank and continues to chalk up new members, a report said.
An outlet manager at one of its Penang offices only willing to be identified as Tan reportedly claimed that the company has 400,000 members locally and abroad.
“The list is growing. We have at least 70 members signing up each month,” he was quoted saying yesterday by local daily The Star.
Tan insisted that Mama Captain does not operate a money game scheme, saying that it does not take cash transactions and investors only redeem Barrel2U reward points at affiliated partners.
According to the newspaper report, the company has 17,812 partnering merchants that accept its Barrel2U reward points, with about 7,000 of such outlets located in Penang.
“In Kuala Lumpur, we have about 4,000 outlets. Penang is the ideal place for this business as owners are willing to be our partners,” he said, adding that such Penang partners include three-star hotels, restaurants and electronic dealers.
According to The Star, Mama Captain’s scheme involves the splitting of an investor’s money; 50 per cent is placed in a cash wallet, while 20 per cent each is used for a share wallet to buy back the firm’s shares and for Barrel2U reward points. Ten per cent is for administration fees.
On June 29, Bank Negara Malaysia added on 14 companies — including Mama Captain International — to its list of unauthorised and illegal companies and websites.
The growing list that currently stands at 334 companies also includes many money game scams and Ponzi schemes which recently collapsed and left their so-called “investors” with losses.
– Malay Mail