21 individuals, aged between 22 and 37 were arrested.
In Kuala Lumpur, the Royal Malaysian Police (PDRM) shut down a call center for cryptocurrency investment fraud that purportedly catered to Japanese nationals.
The bust occurred on August 19, following coordinated raids on two upscale residential properties in the capital, according to a report from The Edge Malaysia.
The 21 people who were arrested during the operation ranged in age from 22 to 37.
The group included a man from Malaysia, sixteen Chinese nationals (one woman), a woman from Laos, and one man each from Hong Kong and Myanmar.
Crypto Fraud Call Center Operational for a Month
The director of the Bukit Aman Commercial Crime Investigation Department (CCID), Datuk Seri Ramli Mohamed Yoosuf, stated that the foreign suspects worked as customer service agents.
Conversely, the man from the area was recognized as the call center’s caregiver.
“The call center had been operational for only a month. The syndicate operated out of luxury bungalows, surrounded by high-security fences and located far from main roads, to avoid detection,” Ramli revealed during a press conference at Menara KPJ.
Victims were lured into the fraudulent scheme by means of social media sites like Monsters and Tinder.
The Bitbank and CoinCheck applications were used to convince victims to invest after contact was made.
The investigation also revealed that the syndicate members received commissions equal to 20% of the amounts that were fraudulently obtained, and that they had entered Malaysia using social visitation passes.
Along with the arrests, police also seized two alarm units, a router, a set of keys, 55 cell phones, and 17 computer systems.
On August 25, the local suspect was freed on police bail; the other twenty people are still being held under the Immigration Act 1959/63 in remand.
Section 420 of the Penal Code, which addresses dishonesty and cheating, is the section under which the case is being investigated.
Six Malaysians Charged with Kidnapping, Demanding Ransom
Six Malaysian nationals, including a married couple, are accused of kidnapping a Chinese citizen and holding him hostage for a ransom of one million US dollars in a different incident.
On July 11, the victim was allegedly abducted by the suspects, who were between the ages of 25 and 29, at an expressway exit connecting Kuala Lumpur and Putrajaya.
Furthermore, Akmal Nasrullah Mohd Nasir, the Deputy Minister of Energy Transition and Water Transformation, recently revealed that significant electricity theft resulting from illicit crypto-mining operations has cost the nation an estimated $723 million between 2018 and 2023.
Kerajaan heboh nak laksanakan agenda peralihan tenaga sebab nak tambah sumber tenaga yang baru.
— Akmal Nasir (@akmalnasir) July 10, 2024
Tapi dalam masa yang sama kecurian elektrik sampai ratusan juta, ada tahun mencecah berbilion ringgit setahun berlaku di negara kita.
Ironi sungguh. pic.twitter.com/ZkWz7eIWrn
Since at least August 2019, the Malaysian government has been taking harsh measures against cryptocurrency miners, and Nasir has made it clear that these actions are being done in compliance with the nation’s criminal procedure laws.
As part of the disposal procedure, a steamroller has even been used to crush some seized machines.
Malaysian authorities have taken action against unregistered cryptocurrency exchanges in addition to illegal mining operations.
Huobi Global, a cryptocurrency exchange, was ordered to shut down by the Securities Commission Malaysia in May of last year because it had neglected to register its trading services.
The only platforms for trading cryptocurrencies that are currently registered in Malaysia are HATA Digital, Luno, SINEGY, MX Global, Tokenize Technology, and Torum International.