BNM seizes over RM30mil in assets and accounts linked to fraudulent investment firm
KUALA LUMPUR: Various luxury items and 92 bank accounts worth over RM30 million, believed to be linked to an investment company suspected of carrying out fraudulent activities, were seized by Bank Negara Malaysia.
BNM, in a statement today, said the seizures were part of an integrated operation conducted at 12 locations around the Klang Valley since yesterday.
The operation was carried out in collaboration with the Domestic Trade and Cost of Living ministry (KPDN), the Inland Revenue Board, CyberSecurity Malaysia, and police through the National Financial Crime Centre.
BNM said the joint enforcement action targeted XFOX Market Sdn Bhd and several other entities suspected of committing various financial offenses.
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During the raids, it said various documents and related items necessary for the investigation were seized.
"The operation also resulted in the confiscation of numerous assets, including gold, cash amounting to over RM4.85 million (including foreign currency), cryptocurrencies, vehicles, and luxury goods.
"Additionally, 92 bank accounts totaling RM25.4 million and safe deposit boxes were frozen."
BNM said that investigations are ongoing under a few sections, among which are under Section 137(1) of the Financial Services Act 2013, Sections 112 and 113 of the Income Tax Act 1967, Section 27B of the Direct Sales and Anti-Pyramid Scheme Act 1993, and Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 (AMLA).
"This operation is part of ongoing efforts among agencies to combat financial crimes in Malaysia," it said.
BNM urged the public to exercise caution and invest only with licensed or registered entities.
"The public are also advised to be wary of investment opportunities promising high returns, especially those encountered through social media, emails, or smartphones.
" Any suspicious activities can be reported through BNM's BNMLink Call Centre at 1-300-88-5465 or eLink at bnm.gov.my, KPDN at 1-800-886-800 or eaduan.kpdn.gov.my, or the Securities Commission at 03-62048999 or aduan@seccom.com.my," it said.
Earlier, it was reported that an investment company suspected of running fraudulent schemes had been raided by authorities, with various luxury vehicles seized.
It is understood that the raids were conducted at the company's office and the owner's residence in Subang, Selangor.
