A group of scammers hired armed security guards to protect a bungalow in Kuala Lumpur, which was previously a consulate office, and used it as their base of operations. The Commercial Crime Investigation Department (CCID) conducted a raid on the bungalow on November 22 and arrested 23 individuals, including 8 locals and 15 foreigners. The suspects, aged 20 to 62, included citizens from China, Brunei, and South Korea.

During the raid, the police also seized various items such as a notebook, laptop, tablet, 41 mobile phones, a Lexus car, access cards, and a document. The investigation revealed that the syndicate was offering high-yield investment schemes targeting locals as well as individuals from Brunei, South Korea, and China. They were promoting investment packages involving cryptocurrencies with promises of daily returns ranging from 1 to 2% over 155 days.

These transactions were carried out using cryptocurrencies through online platforms. The Securities Commission Malaysia has only authorized five companies to conduct cryptocurrency-related transactions in Malaysia, including Luno Malaysia Sdn. Bhd., HATA Digital Sdn. Bhd., MX Global Sdn. Bhd., SINEGY DAX Sdn. Bhd., and Tokenize Technology (M) Sdn. Bhd. Source: UTUSAN.


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