In a major crackdown on financial crime, the police have apprehended ten individuals, including the ringleader of a GHC and cryptocurrency investment fraud syndicate, which allegedly swindled more than RM51 million. These arrests were made through a series of raids conducted across the Klang Valley between May 13 and 21.
Inspector General of Police, Tan Sri Razarudin Husain, revealed that the suspects, ranging in age from 28 to 51, are believed to be members of the notorious Geng Wong. They have been detained for periods ranging from three to seven days for further investigation.
Razarudin explained that the investigation uncovered sophisticated money laundering tactics used by the syndicate. The ill-gotten gains were funnelled into various investments and businesses to obscure their origins. "This syndicate transferred money from their illegal activities abroad to Malaysia through unregistered money changers and cryptocurrency transactions," he stated during a press conference on Friday.
The police discovered that the syndicate laundered money through several methods, including the purchase and sale of high-value exclusive and classic vehicle registration numbers and luxury branded watches sold at a Bukit Jalil shop. Additionally, they invested in a 40.4-hectare durian plantation in Pahang. Another tactic involved using unregistered money changers to convert cryptocurrency into cash, further complicating the trail for law enforcement.
During the raids, authorities confiscated a significant amount of assets. These included 129 vehicle grants with exclusive registration numbers valued at RM18 million, 75 branded watches worth RM10 million, 18 luxury vehicles totalling RM8 million, and cash amounting to RM503,001. Additionally, the police seized 203 motorcycles valued at RM406,000 and 10 designer handbags worth RM90,000.
Razarudin also noted the seizure of various foreign currencies, including 320,000 Yen, 3,940 Baht, 455 Turkish Lira, 290 Yuan, US$305, 27,000 Won, SG$200, and AUS$200. The police also confiscated 10 chequebooks, 12 mobile phones, and multiple computer devices.
Furthermore, 33 bank accounts have been frozen, holding a total of RM10,714,175.62. Authorities also seized cryptocurrency valued at RM3.5 million, which is believed to be linked to the fraudulent investment activities.
The investigation revealed that the illicit funds were used to purchase real estate properties in Malaysia. Despite these significant arrests, Razarudin emphasized that the battle against such syndicates is ongoing. "This is merely one syndicate that we have dismantled; there are other syndicates that remain under our scrutiny," he stated.
The authorities remain vigilant and are actively pursuing leads to dismantle remaining networks involved in similar illegal activities. This operation underscores the commitment of law enforcement to clamp down on financial crimes and protect the integrity of Malaysia's financial system.
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