Malaysian police have arrested 14 Chinese nationals for their involvement in a Bitcoin scam targeting investors in their home country.
The arrests reportedly took place on April 18, following two-month long surveillance operation. All of the suspects are said to be aged between 20 and 30, three of whom do not have “valid travel documents.”
The group impersonated wealthy investors and targeted victims through popular Chinese messaging applications, WeChat and QQ. “All of the suspects would then give a fake testimony to persuade the victim into investing,” said Iskandar Puteri OCPD Asst Comm Dzulkhairi Mukhtar.
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.
Police are still investigating the number of victims and sums of money lost to the scam.