Switch to seedless. Get 30% off with SWITCH30 till Oct 19Seven Chinese nationals charged with crypto fraud
7.4 Regulation Seven Chinese nationals were charged in Johor Bahru for alleged crypto investment fraud in Forest City. All pleaded not guilty and received RM7,000 bail each.
Seven Chinese nationals, including three students, appeared before the Johor Bahru Magistrate's Court on charges of conspiring to commit investment fraud involving a non-existent cryptocurrency. The alleged offenses took place at two residential units in Forest City on October 1. The accused—Hong Wei Xian, Zhou Fu, Chen Lu, Yuan Shuping, Li Yi, Wang Tengfei, and Chen Xiaojia—pleaded not guilty after the charges were read in Mandarin. They face charges under Section 120B(2) and Section 417 of the Penal Code, which carry a maximum penalty of six months' imprisonment, a fine, or both if convicted. The court granted each accused bail of RM7,000 with two local sureties and scheduled the next mention for November 11. Additionally, one accused faces a separate charge of entering Malaysia illegally and also pleaded not guilty, with bail set at RM9,000.
