Police arrested 10 members of a 'money laundering' syndicate , confiscating more than RM51 million in assets
Razarudin Husain said that all the suspects believed to be Geng Wong, aged 28 to 51, were remanded between three and seven days.
KUALA LUMPUR: The police arrested 10 individuals including the main mastermind of the GHC and cryptocurrency investment fraud syndicate involving more than RM51 million through several raids in the Klang Valley between May 13 and 21.
Inspector General of Police, Tan Sri Razarudin Husain said, all the suspects believed to be Geng Wong, aged 28 to 51, were remanded between three and seven days.
According to him, based on the investigation, the police found that the syndicate cleaned the proceeds obtained through illegal means by investing and opening businesses.
"This syndicate transfers money from illegal activities from the foreign country to Malaysia using unregistered money changers and cryptocurrency transactions.
"Based on the investigation, this money-laundering syndicate runs illegal money using methods such as the sale and purchase of high-value exclusive and classic registration numbers and the sale and purchase of branded watches at a watch shop located in Bukit Jalil.
"In addition, they also invested money in a 40.4-hectare durian plantation in Pahang and used unregistered money changers to convert crypto to cash as a modus operandi to blind the eyes of law enforcement," he said at a press conference here, on Friday.
In the raid, Razarudin said, the police also confiscated 129 vehicle grants with exclusive or special registration numbers worth RM18 million, 75 watches of various brands worth RM10 million, 18 luxury vehicles of various brands worth RM8 million, cash of RM503,001, 203 motorcycles amounting to RM406,000 and 10 handbags of various brands worth RM90,000.
"In addition, we also confiscated cash in the form of foreign currency which is 320,000 Yen, 3,940 Baht, 455 Turkiye, 290 Yuan, US$305, 27,000 Won, SG$200, AUS$200, 10 check books, 12 units of mobile phones and equipment computer," he added.
Razarudin said the freezing of 33 bank accounts totaling RM10,714,175.62 and the confiscation of crypto digital currency amounting to RM3,500,000 according to the current value believed to be the result of fraudulent investment activities were also carried out.
He explained that the investigation found that the money from the illegal activity was used to buy real estate in Malaysia.
However, he is confident that there are still remnants of the syndicate that are still free.
"This is actually just one syndicate that we busted, there are other syndicates on our radar," he said.
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