Elderly man relieved he didn’t invest in firm raided by authorities

SHAH ALAM: An elderly man is thankful he refrained from investing US$1,000 in XFOX Market Sdn Bhd, the company recently targeted in a raid.

The man, who wished to remain anonymous, revealed he was contemplating an investment when news of the raid emerged. He was added to a WhatsApp group by an “upline” who was actively promoting the investment opportunity.

Upon hearing about the raid, he decided to visit the company’s office at Jalan Nova U5/K to investigate further. “When I arrived at the office today, it was closed. My friends, who had invested but live far away, urged me to check on the situation,” he said outside the company’s office.

He recounted previously visiting the office to gather information about the investment scheme and was prepared to invest US$1,000. “The potential returns were appealing, but I wanted to take some time to decide. Fortunately, the news of the raid broke before I made any financial commitment.”

Earlier reports indicated that Bank Negara Malaysia had seized luxury items and frozen 92 bank accounts totaling over RM30 million, believed to be associated with fraudulent activities by XFOX Market. The central bank confirmed that the raid targeted XFOX Market and other entities suspected of financial misconduct.

While some of XFOX Market’s subsidiaries continued operations today, its main office and gold shop at Pusat Perniagaan Jalan Nova remained closed. A security guard, who requested anonymity, noted that both locations have been shut since the raid on Tuesday. “The restaurant, sports centre, frozen food shop, hostel, and mart are still open for business,” he added.

He mentioned seeing police and numerous individuals entering the office early Tuesday morning, leading to the closure of the office and gold shop since then. “We have not been informed about the reopening schedule.”

Khairul Azman, a 36-year-old product analyst manager who works nearby, observed buses transporting elderly people to the XFOX Market office until two weeks ago. “I also noticed police visiting the gold shop about a week ago. The area has minimal foot traffic, which raised my suspicions about the legitimacy of the business,” he said.