Ten individuals associated with a criminal syndicate in Malaysia have been apprehended by law enforcement officials for allegedly using cryptocurrencies to launder illicit proceeds. The authorities seized assets worth more than $7.7 million, including motor vehicles, and froze bank accounts containing approximately $10.8 million.
The syndicate is accused of funneling illegally acquired funds into Malaysia. Recent raids led to the confiscation of 129 vehicles valued at around $3.8 million, along with luxury items such as branded watches, motorcycles, and handbags worth over $3.9 million. Cash amounting to $106,800 was also recovered. The frozen bank accounts are reported to hold an equivalent of $10.8 million. The assets seized by the authorities were allegedly acquired through a scam involving the trading of exclusive car registration numbers and luxury watches.
The Inspector-General of Police, Tan Sri Razarudin Husain, revealed that the ten individuals arrested, comprising eight men and two women aged between 28 and 51, have been remanded under Malaysia’s Anti-Money Laundering, Anti-Terrorist Financing, and Proceeds of Unlawful Activities Act.
According to Razarudin, investigations have shown that the syndicate operated from a foreign country and transferred funds obtained from illegal activities to Malaysia using unregistered money changers and cryptocurrency transactions to launder the money.
Furthermore, law enforcement agents discovered that the syndicate used funds converted from cryptocurrencies to cash to purchase real estate properties. Razarudin emphasized the importance of residents providing information on similar criminal activities, urging their continued cooperation.
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