Malaysian police cracked a money laundering scam involving cryptocurrency, seized 18 luxury cars and froze $10.8 million in bank accounts
Malaysian law enforcement recently arrested ten suspects allegedly involved in money laundering using cryptocurrency. Assets worth more than $7.7 million, including cars, were seized, and bank accounts holding around $10.8 million were frozen. Law enforcement also confiscated luxury watches worth more than $3.9 million, 18 luxury cars, motorcycles, handbags, and a total of $106,800 in cash. Malaysian Police Chief Tan Sri Abdul Hamid Bador revealed that the eight men and two women between the ages of 28 and 51 used unregistered currency exchange dealers and cryptocurrency exchanges to transfer illegal activity funds from abroad to Malaysia. They have reportedly been detained under Section 4(1) of Malaysia's Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.
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