Malaysian police crack cryptocurrency money laundering scam, seize 18 luxury cars and freeze $10.80 million bank accounts
2024-05-26 03:41:44
Malaysian law enforcement officers recently arrested ten alleged offenders suspected of using cryptocurrency to launder money, seized assets including cars worth more than $7.70 million, frozen bank accounts holding about $10.80 million, and seized designer watches worth more than $3.90 million, 18 luxury cars, motorcycles and handbags, and cash totaling $106,800. Malaysian Police Chief Tan Sri Razaruddin Hussain revealed that the eight men and two women arrested, aged between 28 and 51, who were using unregistered money changers and cryptocurrency exchanges to transfer funds for illegal activities from abroad to Malaysia, are understood to have been detained under Section 4 (1) of Malaysia's Anti-Money Laundering, Anti-Terrorist Financing and Proceeds of Illegal Activities Act.
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