KUALA LUMPUR: A GHC forex investment fraud and cryptocurrency syndicate which laundered its ill-gotten funds from oversea scams in Malaysia was busted with the arrest of eight local men and two women in several raids around the Klang Valley from May 13 to 21.
Inspector-General of Police Tan Sri Razarudin Husain said in the series of raids, police also confiscated 129 vehicles with exclusive registration number plates worth RM18 million, 75 branded watches worth RM10 million, 18 luxury vehicles worth RM8 million, RM503,000 in cash, 203 motorcycles worth RM406,000, 10 handbags worth RM90,000, along with freezing of bank accounts amounting to RM51.2 million.
He said all the suspects aged between 28 and 51 years were remanded for three to seven days for investigations under Section 4(1) of the Anti-Money Laundering, Anti-Terrorist Financing and Proceeds of Unlawful Activities (AMLATFPUAA) Act 2001.
“Based on the interrogation, the GHC forex and cryptocurrency investment fraud syndicate started operating in 2017 based in a foreign country. This syndicate transferred money from illegal activities from the foreign country to Malaysia using unregistered money changers and cryptocurrency transactions to launder the money,“ he said at a press conference here today.
Razarudin said the syndicate channelled the funds it scammed by selling/buying exclusive and classic car registration numbers, luxury branded watches at a watch shop in Bukit Jalil and even investing in a 100-acre durian plantation in Pahang.
“In addition, the syndicate also uses unregistered money changers to convert cryptocurrencies into cash as a modus operandi to obscure the eyes of law enforcement. The money from this illegal activity is also used to buy real estate in Malaysia which is still being tracked,“ he said.
Razarudin reminded the public to always be vigilant and stay away from any suspicious activities and cooperate by channelling information about money laundering crimes.
“The public is asked to continue playing the role of eyes and ears to channel information on fraudulent investment and syndicates selling/buying registration (plate) numbers and related crimes to police,“ he said.
