Cops smash syndicate using luxury goods, vehicles to launder millions

KUALA LUMPUR: A crime syndicate laundering money here by buying and selling expensive goods has been busted after a series of police raids in the Klang Valley.

Inspector-General of Police Tan Sri Razarudin Husain, at a press conference Friday (May 24) at Menara KPJ, said that 10 local suspects were arrested during the raids between May 13 and 21.

The suspects were believed to have been a part of a syndicate that would use the ill-gotten gains from forex scams overseas and launder the money locally.

The suspects would use illegal money changers here and overseas to avoid leaving a paper trail.

"Based on interrogations, the syndicate had operated the GHC forex and cryptocurrency investment scam that was based overseas with operations beginning in 2017," he said.

Among the tactics used to launder the money included buying and selling special number plates as well as luxury watches. They also invested in a 40ha durian farm in Pahang.

Following the raids, the police have seized evidence and frozen bank accounts with police estimations putting the total value at RM51.2mil.

This included over 200 motorcycles and 18 luxury cars.

"A total of 33 bank accounts worth RM10,714,175.62 have been frozen," he said.

All suspects arrested, aged between 28 and 51, have been remanded for between three to seven days. The raids also saw the arrest of the group's mastermind, aged 43.

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