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KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) has arrested 18 individuals from a syndicate responsible for the massive theft of electricity supply used for cryptocurrency mining.
MACC chief commissioner Tan Sri Azam Baki said the arrested were among a total of 23 suspects involved in the syndicate, which has been operating a multi-million ringgit operation nationwide.
The foiling of the syndicate came after a two-year operation called Op Power, in which MACC officers posed as Tenaga Nasional Bhd (TNB) technicians and collected nearly RM2.4 million in bribes from the syndicate to siphon electricity supply to 998 premises nationwide.
Azam also said a total of RM4.476 million was frozen from bank accounts of 94 individuals and 29 companies, involving a total of 126 accounts.
During a press conference today, Azam said MACC had seized RM281,180 in cash, and RM82,000 in e-wallet balances, as well as another US$25,893.46 (RM108,623) in cryptocurrencies, including Bitcoin and Ethereum.
Azam said the operations also saw the seizure of five luxury vehicles, including a BMW, Honda Accord, Toyota Vellfire, and Audi.
“TNB has confirmed that there were offers of between RM3,000 and RM300,000 (to technicians) to avoid enforcement and leak information on operations,” he said.
“Intelligence gathered by MACC shows that it (electricity theft) is happening nationwide.”
Azam said the operations succeeded due to strategic cooperation with TNB.
He said between 2018 and 2001, TNB’s data showed the utility company had made RM2.3 billion in losses with 7,209 cases of electricity theft related to mining cryptocurrency.
Azam stressed that while mining the digital currency was not illegal in Malaysia, the stealing of electricity to avoid normal tariffs is a crime. – The Vibes, March 1, 2022
