Hanfa warns about continued fraud targeting citizens by XueX EG Investment Group

The Croatian Financial Services Supervisory Agency (Hanfa) urges citizens to exercise caution, as it has been observed that XueX EG Investment Group (hereinafter:  XueX) continues to engage in activities aimed at defrauding the public. XueX has been using new names and contacting individuals through new channels.

In recent days, Croatian media have reported on XueX’s activities, which constitute financial fraud through a pyramid scheme (so-called Ponzi scheme). Hanfa emphasizes that Ponzi schemes are fraudulent activities unrelated to entities supervised by Hanfa. In this case, XueX is not a registered entity under Hanfa’s supervision, and Hanfa is not authorized to undertake proceedings against it. Therefore, Hanfa calls on citizens to be cautious and to report suspected fraud to the police.

Particularly concerning is the continuation of XueX’s fraudulent activities through new Telegram groups, a new name, and a fake website under the domain www.sklcoinc.com. Access to this fraudulent Telegram “investment group” is granted either by paying an entry fee (USD 300–1000) or by receiving an invitation code from acquaintances. We are warning citizens not to join these groups and not to transfer money to fraudsters, even if the invitation comes from friends or acquaintances.

Citizens are reminded to watch out for the following signs of potential fraud:

• The company does not have authorization to operate and is not listed in Hanfa’s Registers.
• Promises of high and unrealistic profits.
• Pressure to act quickly – “now, immediately, a once-in-a-lifetime opportunity.”
• A website lacking essential elements (e.g., regulator’s name, general business terms, etc.).
• Possible use of falsified institutional logos and signatures.
• Focus on recruiting new members – profits are generated by bringing in others rather than offering genuine products or services.
• Requests for additional payments in order to withdraw “earned” funds (e.g., fake tax obligations, transaction fees, etc.).

Hanfa strongly advises citizens to be extremely cautious when receiving investment offers from unknown individuals or companies, whether through private social media groups, phone calls, or online advertisements. 

We stress the importance of carefully verifying who you are dealing with before making any investment decision. Above all, citizens should check whether a company is authorized to operate, i.e., whether it is registered and supervised by Hanfa, or licensed to operate in Croatia through notification. This can be done by consulting Hanfa’s Registers, or by contacting Hanfa directly at potrosaci@hanfa.hr or by phone at 01/6173 281.