Two Malaysians Arrested For $37,000 Bitcoin Scam

Two Malaysian entrepreneurs have been charged to court for allegedly defrauding three women of over 150,000 Malaysian ringgits which is around $37,000 through a fraudulent Bitcoin investment scheme. This was reported by a local media house in the country. 

According to the report, the fraudsters —Reduan Ismail, and Adan Ibrahim — promised their victims a 20% return for seven months if they invested in their Actionmode Bitcoin Investment program. 

The pair had met their first victim on May 8, 2020, where they convinced her to part with 4,500 Malaysian ringgits at Hotel Casuarina Meru. Their subsequent victims, Nur Raihan and Rozidah were also reportedly taken to the same hotel and they were also convinced to part with over 120,000 Malaysian ringgits. It should be noted that these victims might not ordinarily have invested in Bitcoin as they showed no interest in the crypto asset until their meet-ups with the alleged fraudsters.

The lawyer representing the accused pleaded with the courts to reduce the bail of his clients to around 2000 Malaysian ringgits because their personal and business account have been frozen according to the country’s Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

However, the judge set the bail at 2,500 Malaysian ringgits and requested for one surety from each of the accused. The court would hear the case on March 9. If found guilty, the pair faces up to 10 years in prison plus caning and fines.

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