PETALING JAYA: Bank Negara Malaysia confiscated luxury items and froze 92 bank accounts worth over RM30mil, believed to be associated with an investment firm.
In a statement on Wednesday (July 31), Bank Negara said that a joint enforcement operation on Tuesday (July 30) saw raids in 12 locations around the Klang Valley targetting XFOX Market Sdn Bhd, among others for alleged infractions of the Financial Services Act (FSA) 2013 and related financial regulations.
"All relevant documents and items needed to assist the joint investigation were seized, along with assets comprising gold, cash amounting to more than RM4.85mil including some foreign currencies, cryptocurrency as well as luxury vehicles and items.
"In addition, 92 bank accounts amounting to RM25.4mil and a safe deposit box were frozen," read the statement.
Bank Negara said that XFOX Market had previously been listed on Bank Negara Malaysia’s Financial Consumer Alert list on June 14, 2023.
The enforcement was conducted with the help of the Domestic Trade and Cost of Living Ministry, the Inland Revenue Board (LHDN), CyberSecurity Malaysia and the Royal Malaysia Police, coordinated by the National Anti-Financial Crime Centre.
Violations under Section 137(1) of the FSA can lead to imprisonment for up to 10 years and fines of up to RM50mil.
Bank Negara urged the public to exercise due diligence and only transact with entities licensed or registered with relevant authorities.
Further information on illegal financial activities and enforcement can be found on Bank Negara’s enforcement actions website.
