Ten individuals associated with a criminal syndicate that allegedly used cryptocurrencies to launder fraudulent proceeds have been arrested by law enforcement officials in Malaysia. The syndicate is accused of channeling illegally acquired funds into the country. During raids conducted between May 13 and 21, authorities seized 129 vehicles worth approximately $3.8 million (RM18 million). Additionally, they recovered luxury items such as branded watches, motorcycles, and handbags, valued at more than $3.9 million, as well as $106,800 in cash. Malaysian authorities have frozen bank accounts containing the equivalent of $10.8 million. The syndicate is believed to have acquired these assets through a scam involving exclusive car registration numbers and luxury watches. The arrested individuals, eight men and two women between the ages of 28 and 51, have been remanded under Malaysia's Anti-Money Laundering, Anti-Terrorist Financing and Proceeds of Unlawful Activities Act. The Inspector-General of Police, Tan Sri Razarudin Husain, disclosed that the syndicate transferred money from illegal activities in a foreign country to Malaysia via unregistered money changers and cryptocurrency transactions. He also revealed that funds obtained from converting cryptocurrencies to cash were used to purchase real estate properties. Razarudin urged residents to provide information on similar syndicates' activities. Share your thoughts on this story in the comments section below.