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Insider2U > Crypto News > Police Crackdown on Chinese Cryptocurrency Investment Scam Syndicate in Kuala Lumpur

Police Crackdown on Chinese Cryptocurrency Investment Scam Syndicate in Kuala Lumpur

Chris by Chris
10 July 2023
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(Kuala Lumpur, 5th) 10 Chinese men traveled overseas to our country and set up a cryptocurrency investment scam base camp. They defrauded 30 to 50 people from their motherland through the Internet every day, and their monthly income can reach 100,000 ringgits.

Based on the clues, the police launched a crackdown on two units of a luxury apartment in Cheras, Kuala Lumpur at 2 pm on the 3rd of this month, and successfully dismantled the call center that had just been established for two and a half months.

Police have successfully busted a cryptocurrency investment scam syndicate from China. From left to right are Superintendent Akbar, the investigation officer of the Commercial Crime Division of the Cheras Police District Headquarters, Assistant Superintendent Jana and Chan Harim, the chief of the division, Sergeant Chen Shiyuan, the intelligence officer of the division, and Police Constable Faizal.
Cheras Police District Director Zhan Haring Assistant Director held a press conference this afternoon and pointed out that the police arrested 10 Chinese men aged between 19 and 40.

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He said that the main suspect was on a social visit visa (PLS), and the other nine people did not have legal entry documents. After they came to our country in May this year, they organized crimes and rented two apartment units at RM3,000 and RM3,500. , Set up a call center and residence.

“The suspects use Telegram and target Chinese people. Each person needs to find 3 to 5 people per day, and trick them into registering a Bitcoin cryptocurrency account with 100 RMB (about RM64).”

The Cheras police launched a crackdown on two condominium units and successfully dismantled the investment scam syndicate.
Zhan Haring said that the suspect promised to give users 10% to 15% commission, and users can also use these cryptocurrencies for transactions. The police believe that these are fake investment scams.

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He said that according to the police investigation, these groups have a monthly income of 50,000 to 100,000 ringgits, and all transactions of the relevant groups have not been approved by the Malaysian Securities Regulatory Commission.

The Cheras police launched a crackdown on two condominium units and successfully dismantled the investment scam syndicate.
“The police believe that they are an organized fraud and are currently investigating under Section 420 (fraud) and Section 120B (conspiracy) of the Penal Code.”

Zhan Haring said that the police also confiscated 5 mobile phones, 21 mobile phones, and 2 data devices. At the same time, the suspects were detained by the police for 4 days until the 7th of this month to assist in the investigation of the case.

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Chris

Chris

After graduating from the University of Virginia, Chris relocated to the United Kingdom where they have been closely monitoring the advancements in blockchain technology for several years. Chris holds an optimistic outlook on the potential of blockchain to democratize the financial system. Chris's prior published works can be discovered on reputable platforms such as BeInCrypto, Bitcoin Magazine, Decrypt, EconomyWatch, Forkast.news, Investing.com, Learnbonds.com, MoneyCheck.com, Buyshares.co.uk, and other prominent media outlets. Since 2018, Chris has been actively investing in Bitcoin and, more recently, has ventured into the world of non-fungible tokens (NFTs) following their surge in popularity in 2021. Their expertise extends to trading, crypto mining, and personal finance. In addition to their role at Insider2U as a writer, Chris is also a knowledgeable economist, accountant, and blockchain instructor. With hands-on experience in the financial sector across three continents, they possess a profound understanding of the industry. Chris's keen interest in regulations and tracking macroeconomic trends enables them to gain insights into the inner workings of the global landscape.

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