Malaysians Reportedly Paying RM10 'Redemption Fee' to Cash Out RM100 eMADANI Credits

Malaysian citizens are purportedly shelling out up to RM10 to convert their eMADANI credits of RM100 into cash through their bank accounts, a practice explicitly cautioned against by the Ministry of Finance (MOF).

As reported by Berita Harian, users on social media platforms such as Facebook, X, WhatsApp, and Telegram have initiated cash-out or peer-to-peer services for eMADANI credits.

malaysians reportedly paying rm10 'redemption fee' to cash out rm100 emadani creditsPhoto via myMetro

A straightforward search on Telegram utilizing the term 'eMADANI' yields various channel results, some explicitly named 'Claim eMADANI RM100' and 'Redeem eMADANI RM100.'

Despite certain netizens issuing warnings against the utilization of such services, the service providers assert their legitimacy, identifying themselves as business owners with physical stores.

Harian Metro highlighted that a specific service provider charges a 'redemption fee' of RM10, justifying it by stating, "That's the process because Touch 'n Go (TNG) eWallet also charges the shop owners for each transaction."

A Facebook post asserted, "I am offering an eMADANI redemption service. 100% reliable with many successful withdrawals. Most importantly, it's not a scam. There is no charge; it depends on how much you give."

Simultaneously, other Facebook users provide a similar service with fees ranging from RM2 to RM5.

Certain service providers go to the extent of instructing potential customers to complete a Google Form and execute transfers by scanning a QR code.

"Scan the QR code and then enter the amount of money you want to transfer. Take a screenshot of the receipt as proof of the transaction. The service charge is RM2, and we will transfer RM98 into your bank account," detailed a post.

On December 4th, MOF issued a warning to the public to abstain from employing cash-out or peer-to-peer transfer services to evade falling prey to scams.

malaysians reportedly paying rm10 'redemption fee' to cash out rm100 emadani creditsPhoto via myMetro

"MOF will not be responsible if there is any loss of credits as a result of 'peer-to-peer' transfers or cash-out redemptions. In the meantime, the government will implement strict measures, such as blocking accounts, in response to reports of fraud cases involving 'peer-to-peer' transfers or cash-out redemptions that deprive eMADANI recipients of their credits," declared the ministry.