Malaysian law enforcement recently apprehended ten individuals allegedly involved in a criminal network utilizing cryptocurrencies to launder illicit profits. Assets worth over $7.7 million, including vehicles, were confiscated, and bank accounts holding approximately $10.8 million were frozen.

The syndicate is accused of laundering fraudulently acquired funds through cryptocurrency transactions, with authorities seizing 129 vehicles valued at about $3.8 million during raids conducted from May 13 to 21. In addition to the vehicles, luxury items such as branded watches, 18 luxury vehicles, motorcycles, handbags totaling over $3.9 million, and $106,800 in cash were recovered. Malaysian officials froze bank accounts containing the equivalent of $10.8 million, allegedly linked to the syndicate's illicit activities, which involved scamming through the trade of exclusive car registration numbers and luxury watches.

Inspector-General of Police Tan Sri Razarudin Husain revealed that the arrested individuals, aged between 28 and 51, were detained under Malaysia’s Anti-Money Laundering, Anti-Terrorist Financing and Proceeds of Unlawful Activities Act. Razarudin explained how the syndicate transferred funds obtained from illegal activities abroad to Malaysia using unregistered money changers and cryptocurrency transactions.

Furthermore, Razarudin disclosed that investigations uncovered the syndicate's use of converted cryptocurrency funds to purchase real estate properties. He urged the public to report any suspicious activities related to similar crimes.