Prison, cane and fine for Malaysian Bitcoin Scammers


Bitcoin in Malaysia has been very popular in the last few years. And when there is money to have profited, there will always be unscrupulous parties lurking. That is what 2 Malaysians were thinking of when they derived a plan to cheat people of their hard-earned money to invest into BTC.

Scamming in Bitcoin

A report was published in March 2021 where 2 men were arrested after being alleged to have scammed 3 women in a BTC investment. The 2 men, Mr. Adnan Ibrahim and Mr. Reduan Ismail were alleged to have cheated the women of over RM150,000. It was quite a straightforward scam through what they called the ‘Actionmode’ platform.

Be advised and be cautious

The investment scheme promised continuous returns over 7 months of 20%. The 2 men met the women in May and July 2020 with a proposal of the investment scheme and if they were found guilty, could face up to 10 years in prison. They could also face the cane and be fined or a combination of the penalties. Their accounts have since been frozen under the Malaysian Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. To this end, Malaysians have been advised not to be gullible especially in the recent spike in BTC price and only invest with legitimate parties.

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