Malaysian police have arrested 14 Chinese men for their involvement in a cryptocurrency scam
Malaysian police have arrested 14 men from China for involvement in cryptocurrency scam in a house at Horizon Hills in Iskandar Puteri, near Singapore. Assistant Commander Dzulkhairi Mukhtar said the arrests were made around 2.15 pm on Saturday, April 18, following a two-month-long surveillance operation.
The 14 men were arrested in a cryptocurrency scam near Singapore
Dzulkhairi told reporters at Iskandar Puteri police headquarters on Sunday:
“The suspects are aged from 20 to 30 with three of them having no valid travel documents.”
Dzulkhairi said the suspects targeted victims from China by impersonating successful investors:
“One of them would pose as a successful investor or a mentor while the rest will pose as investors before creating a group chat through WeChat and QQ messaging applications for each of their victims. All of the suspects would then give a fake testimony to persuade the victim into investing.”
The group had been active for the past two months.
Dzulkhairi said police are still investigating the total number of victims and the value of money scammed by the group.
The case is being investigated under Section 420 of the Penal Code for cheating, which provides for a jail sentence of up to 10 years and caning, with the possibility of a fine, if convicted.
They are also being investigated under Section 6(1)(C) of the Immigration Act 1959/63, which provides for a fine of not more than 10,000 ringgit (S$3,250) or jail of up to five years, or both, and up to six strokes of whipping on conviction.
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