Forex and Cryptocurrency Investment Fraud Exposed in Malaysia, Ten Individuals Apprehended and Millions Confiscated
Ruholamin Haqshanas
Latest Update:
May 24, 2024 09:49 EDT
|
2-minute read
Malaysian authorities have successfully dismantled a fraudulent forex investment and cryptocurrency syndicate that had been operating within the country.
The syndicate, which had been laundering money obtained through scams conducted overseas, was targeted in a series of raids carried out across the Klang Valley from May 13 to 21.
As a result, eight local men and two women were arrested, and significant amounts of assets were seized, according to reports from local media outlets.
Malaysian Officials Seize Assets Worth over $12 Million
During the raids, law enforcement officials managed to confiscate 129 vehicles with exclusive registration plates, estimated to be worth $3.8 million.
Additionally, they seized 75 luxury watches valued at $2.1 million, 18 high-end vehicles worth $1.7 million, over $100,000 in cash, and other assets.
Furthermore, bank accounts totaling $10.8 million were frozen as part of the investigation.
Inspector-General of Police Tan Sri Razarudin Husain stated that the suspects, aged between 28 and 51 years old, have been detained for three to seven days for further investigation.
Highlighting the operations of the syndicate, Razarudin revealed that it had been active since 2017, primarily operating from a foreign country.
The syndicate utilized various methods, including unregistered money changers and cryptocurrency transactions, to transfer and launder funds obtained through illegal activities.
To conceal the illicit proceeds, the syndicate engaged in the buying and selling of exclusive and vintage car registration numbers, as well as luxury branded watches through a store in Bukit Jalil.
Additionally, the syndicate converted cryptocurrencies into cash through unregistered money changers, effectively evading detection by law enforcement agencies.
Razarudin urged the public to remain vigilant and report any suspicious activities related to money laundering or fraudulent investment schemes.
Crypto Hacks Reach Record Low in April
The cryptocurrency industry experienced a significant decline in combined losses from hacks and scams in April.
During the month, the losses from crypto-related hacks and scams reached the lowest point since 2021, with approximately $25.7 million lost to exploits, hacks, and scams.
Specifically, only $25.7 million was lost in attacks throughout the month, which is the lowest amount recorded since CertiK began tracking such data in 2021.
Flash loan attacks accounted for $129,000 in losses, with the largest incident causing $55,000 in damages.
This marked the lowest occurrence of flash loan attacks since February 2022, while $4.3 million was lost to exit scams.
As reported, the first quarter of this year saw $336 million lost to Web3 hackers and fraud, with nearly half of the stolen capital occurring in January alone.
However, this figure represents a 23% decrease compared to the first quarter of 2023.
It is also worth noting that $73,885,000 has been recovered from stolen Web3 capital in seven specific cases.
Follow Us on Google News
