The actions will be taken against fraudulent company registration under Myanmar Companies Law

Any scams and frauds by scammers using fake company registration certificate can face legal actions under Myanmar Companies Law, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA). Most of them are microfinance businesses which have close contact with the people, using a fake ID, he continued. In recent days, a scammer mimicked the legitimate company (Ngwe Marlar Microfinance Co., Ltd) which has been registered on DICA’s online registry system MyCO and scams are reported on social networks, the DICA notified. “The common scams are found in microfinance businesses which can draw public interests. The people were warned to beware of frauds by scammers with fake registration. Firstly, we have notified the public of scams at the soonest. “Later, we will take actions against the scammers under Myanmar Companies Law. This is the first time we experienced a financial scam using a fake certificate. Sure, we can take legal action under the law,” he added.
The scammer mimicked the authorized company Ngwe Mar Lar using fake registration No 111405220, bearing certified date 10 August 2011. They are reported financial scams with microfinance business. “At present, the online registry system brings the incorporation process easier and the status of company registration can be seen online easily. They take advantage of this and made a fake certificate. Ngwe Marlar Company is a legitimate company which was incorporated under the law. We have notified the people of fake and genuine certificates on the DICA’s official website regarding this scam. The company registration number and certified date of the genuine company have been covered, yet we have unveiled them on the fake certificate, he added. People are advised to look up the company name in the search bar on DICA’s website, www.myco.dica.gov.mm, to check whether the company is genuine or fake with registration number and registration date. (Translated by Ei Myat Mon)

(The Global New Light of Myanmar: https://www.globalnewlightofmyanmar.com/actions-to-be-taken-against-fraudulent-company-registration-under-myanmar-companies-law/ )

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