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Malaysian Authorities Arrest 14 Men Involved in Cryptocurrency Scam

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Malaysian authorities have arrested 14 people from China for participating in cryptocurrency scams in a house near Singapore.

These arrests came after the group was surveying the house the past two months. Speaking on the matter is the Assistant Commander Dzulkhairi Mukhtar, who had said:

“The suspects are aged from 20 to 30 with three of them having no valid travel documents. 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.”

While these suspects seem to be the majority of the operation, the police are still looking for victims and the total amount of money stolen. Apparently, the act was in violation of Section 420 of the Penal Code for cheating there. Those who violate it can face up to 10 years in prison and potentially be fined.

Other convictions could head their way as well.

As InsideBitcoins has previously reported, the FBI has warned about an increase in cryptocurrency scams thanks to the COVID-19 pandemic. This is partly because more people are stuck inside, and more willing to get involved with the digital currency.

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