Which agencies collaborated in the enforcement action against XFOX Market?

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Collaborative Enforcement Action Uncovers Significant Assets

Bank Negara Malaysia spearheaded a joint enforcement operation that involved several key government agencies, leading to the confiscation of assets exceeding RM30 million. This coordinated action targeted entities, including XFOX Market Sdn Bhd, suspected of engaging in financial misconduct. The operation underscores a multi-agency commitment to combating financial crimes within Malaysia.
Inter-Agency Collaboration

The enforcement action saw Bank Negara Malaysia working in tandem with the Ministry of Domestic Trade and Cost of Living, the Inland Revenue Board, CyberSecurity Malaysia, and the Royal Malaysia Police. This collaboration facilitated a comprehensive approach to investigating and dismantling suspected financial crime networks. The premises targeted were located across the Klang Valley.
Seized Assets and Frozen Accounts

During the operation, authorities seized a substantial amount of assets, including gold, over RM4.85 million in cash (comprising both local and foreign currencies), cryptocurrency, and luxury vehicles. Additionally, 92 bank accounts holding RM25.4 million were frozen, along with a safe deposit box. These measures were taken as part of the ongoing investigation into the suspected illicit activities.
Suspected Legal Violations

The entities under scrutiny are suspected of violating several Malaysian laws, notably the Financial Services Act 2013 (FSA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). XFOX Market Sdn Bhd itself had previously been placed on Bank Negara Malaysia’s Financial Consumer Alert list on June 14, 2023, indicating prior concerns regarding its operations.

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Which agencies collaborated in the enforcement action against XFOX Market?

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