Gairika Mitra
In a groundbreaking development in Malaysia, the Royal Malaysian Police (PDRM) recently dismantled a cryptocurrency investment fraud call center reportedly targeting Japanese citizens.
The PDRM carried out two separate raids on two luxurious residential properties. It arrested 21 individuals, belonging to the age group 22-37. Sixteen Chinese men, a Chinese woman, a Laotian woman, two others from Hong Kong and Myanmar, and a local Malaysian man were apprehended.
The director of the Bukit Aman Commercial Crime Investigation Department (CCID), Datuk Seri Ramli Mohamed Yoosuf, mentioned the likelihood of foreign suspects working as customer service representatives at the call center. He added that the local suspect was the caretaker of the call center.
“According to our investigation, the call centre had been operating for only a month. The syndicate used luxury bungalows, surrounded by two layers of high fences and situated far from the main road, to conceal their activities from authorities,” he explained at a press conference at Menara KPJ on Wednesday.
He added that the arrested individuals were involved in seeking victims through social media platforms, like Tinder and Monsters. They were then lured into making investments via Bitbank and CoinCheck.
Ramli said the members of the syndicate entered Malaysia on social visit passes and received commissions as salaries. The police also seized 17 computer sets, 55 mobiles, a router, a set of keys, and two alarm units.
“The detained local man was released on police bail on Aug 25, after his remand period ended. Meanwhile, the other 20 individuals are in remand detention, under the Immigration Act 1959/63,” he added.
Ramli noted that any kind of investment opportunities happening through social media is mostly fraudulent. He concluded by saying that those who are looking to invest should only explore investments recognized by official investment bodies, such as the Securities Commission Malaysia and Bank Negara Malaysia.
As a nation, Malaysia is progressively refining its stance on cryptocurrencies. Bank Negara has already been regulating digital assets, with a focus on anti-money laundering. Currently, most cryptocurrency exchanges in the country are required to register with the Securities Commission Malaysia.
However, even though Malaysia is seeing a growing interest in cryptocurrencies from investors, it has also been attracting several fraudulent activities.
The nation is, however, exploring and implementing virtual asset regulatory policies through statutory bodies such as the Securities Commission Malaysia, which is the primary authority overseeing digital asset service providers in Malaysia.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
