Malaysian police arrested 14 Chinese men for cryptocurrency (bitcoin) scams in a house in Iskandar Puteri, Malaysia.
Iskandar Puteri OCPD Asst Comm Dzulkhairi Mukhtar informed Saturday, April 18, after a two-month-long surveillance operation, the arrests were made at around 2.15 pm. The suspects are aged between 20 and 30 with three of them not having valid travel documents. The suspects approached Chinese victims by impersonating themselves as a wealthy investor.
Addressing reporters at Iskandar Puteri Police Headquarters on Sunday (April 19) Dzulkhairi Mukhtar said:
“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 application for each of their victims”
“All of the suspects would then give a fake testimony to persuade the victim into investing,” he said, adding that the group has been active for the past two months.
The police are now investigating the total number of victims as well as how much money the group scams. The case is investigated for cheating under Section 420 of the Penal Code. If convicted, a prison term of up to 10 years and caning will be imposed, with the possibility of a fine.
They are also being investigated according to Section 6(1)(C) of the Immigration Act 1959/63, which provides for a fine of no more than RM10,000 or up to five years’ imprisonment or both, and up to six whipping strokes upon conviction.