Search
Search
Crypto News: Police arrest 40 in RM50m cryptocurrency fraud sting

Police arrest 40 in RM50m cryptocurrency fraud sting

186 Listen to this article Kuala Lumpur, Nov 3: In a significant crackdown on fraudulent financial schemes, Malaysian police have […]

Latest News

Listen to this article

Kuala Lumpur, Nov 3: In a significant crackdown on fraudulent financial schemes, Malaysian police have dismantled a cryptocurrency scam ring, resulting in the arrest of 40 suspects and the prevention of further losses that had already surpassed RM50 million.

Massive Operation Leads to Multiple Arrests

The operation, spearheaded by the Bukit Aman Commercial Crime Investigation Department under the leadership of Datuk Seri Ramli Mohamed Yoosuf, spanned three days and was executed across the nation, starting October 29. Those apprehended range in age from 20 to 55 and include a diverse group of professionals.

Syndicate Targets a Broad Demographic

The Commercial Crime Investigation Department’s director revealed that the victims, whose ages range from 22 to 81, included many retirees and business figures. These individuals were lured into what was promised as lucrative cryptocurrency investment opportunities.

Sophisticated Scam Tactics

The scam, according to Ramli, was strategically designed to give investors the illusion of control by allowing them to witness the purported growth of their investments in real-time. However, when it came to withdrawing their funds, investors found themselves unable to do so.

The Use of Mule Accounts

A new strategy observed by the authorities involved the utilization of legitimate businesses as vehicles for fraudulent activities. Ramli indicated that at least 73 bank accounts and 51 companies were implicated, hinting at a wide network designed to mask the illicit flow of funds.

Read Also:  South Korea Proposes Ban on Credit Card Payments for Cryptocurrencies

Preying on the Vulnerable

Ramli elaborated on the syndicate’s method of recruiting individuals in dire financial straits to set up companies in their name, only to be exploited as mule accounts. These individuals were often compensated with a one-time or monthly payment for their involvement.

Ongoing Investigation

The operation has shone a light on the extensive nature of the scam, and the police are conducting further investigations under Section 420 of the Penal Code, which addresses cheating offenses. The authorities have not only brought the alleged perpetrators into custody but have also taken steps to foreclose the continuation of this criminal enterprise, providing a semblance of relief to those affected.

This action marks a firm stance by Malaysian law enforcement against financial crimes, particularly those involving emerging technologies like cryptocurrencies.

For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and LinkedIn.

Read Also:  Crypto BullsEye $40K as Bitcoin's Next Level as the Coin Refreshes Yearly High
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt Shiba Inu Burn Spike Raises Price Over 1300% Impact Concerns GBTC ETF Hindering Bitcoin’s Path to $100,000 Bitcoin News Ethereum Futures ETF with 2x Leverage Filed by Defiance Pump.Fun Boosts Memecoin Market: $5.2M in 38 Days Charles Hoskinson Highlights Cardano’s Progress Despite Criticism Solana DEX Booms, InQubeta Presale Tops $13M Cryptocurrencies to Watch: 16 Promising Options for 2024 Crypto AI Trading Bots: Best Picks for 2024 Cardano’s Top 5 Tokens for April 2024 Investment Crypto Highlights: 12 Best Bitcoin and Crypto Casinos for 2024