- As many as 14 Chinese men were recently arrested in a cryptocurrency scam near Singapore.
- The scammers would trick investors into investing their money, where one would act as a professional.
- Similar scams have been around since the crypto industry emerged since the COVID-19 pandemic.
Cryptocurrency-related scams continue to take advantage of unsuspecting investors. Such moves often result in the theft of the investors’ funds. However, it also happens from time to time that the scammers make a mistake and get caught.
This is actually what happened recently, when the Malaysian authorities arrested as many as 14 Chinese men near Singapore. The perpetrators used to trick victims by impersonating major, successful investors. They did so in the chat groups of popular messaging apps, that many in China tend to use.
What was the scam about?
The local reports claim that the perpetrators used to trick investors for at least two months prior to their arrest. Meanwhile, the authorities managed to track them relatively quickly. After that, they spent several weeks surveilling the group and confirming their involvement.
The arrests finally came this Saturday, April 18th. The authorities made their move in Iskandar Puteri, which is near Singapore, as mentioned.
The details of the crime were then explained to the reporters by Dzulkhairi Mukhtar, Assistant Commander. He said that “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.”
The scammers are facing a sentence of 10 years in prison, plus a possibility of a fine, should they end up convicted. However, the investigators are still unsure as to how many victims the scammers…