Malaysia raids 12 premises for suspected financial offences

A total of 92 bank accounts were frozen.

Malaysia has taken action against XFOX Market Sdn. Bhd. and several other entities on suspicion of committing various offences, including breaches on anti-pyramid schemes and anti-money laundering laws.

The entity had previously been listed on Bank Negara Malaysia’s (BNM) Financial Consumer Alert list on 14 June 2023.

A total of 12 premises within the Klang Valley were raided, the BNM said in a statement posted on its website.

Authorities seized all relevant documents and items needed for the investigation, along with assets including gold, cash amounting to more than MYR4.85m ($1.07m) including some foreign currencies, cryptocurrency as well as luxury vehicles and items. 

Authorities also froze 92 bank accounts amounting to MYR25.4m ($5.59m) and a safe deposit box.

The raid was an inter-agency effort undertaken by the BNM, the Ministry of Domestic Trade and Cost Living (KPDN), and the Inland Revenue Board (IRB). They received assistance from CyberSecurity Malaysia (CSM) and the Royal Malaysia Police (RMP) and coordinated by the National Anti-Financial Crime Centre (NFCC).

Suspected offenses include those under Section 137(1) of the Financial Services Act 2013 (FSA), Sections 112 and 113 of the Income Tax Act 1967, Section 27B Direct Sales and Anti-Pyramid Scheme Act 1993 and Section 4(1) of Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

(US$1 = MYR4.54)