Bitcoin buyer Burglarized of $365,000 in cash

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A Malaysian robbed of $365,000 (RM1.08mil) in cash when he met sham Bitcoin Seller

A Malaysian, who planned to meet prospective Bitcoin seller to purchase the cryptocurrency was somewhat cheated of $365,000 (RM1.08mil) in cash.

Pang Joon Hau, had gone to Singapore on 8th April to purchase Bitcoin and contacted a Singaporean broker. Pang and his broker met two men, who asserted to have Bitcoin to sell, at Hotel 81 in Middle Road.

The police stated in a Press conference on Thursday, after learning that Mr. Pang Joon Hau had the amount both parties settled upon, the two men attacked the Malaysian and his broker and ran away with the money.

Two 36-year-old men. One of them Mohd Abdul Rahman Mohamad, who asserted to be a Bitcoin broker, was charged with theft.

It is thought that he spent an approximated $80,000 (RM236,796) of the money on shopping and luxury hotels. He was captured in a hotel in Sentosa on Tuesday.

He was accused along with his friend Syed Mokhtar Syed Yusope, also 36, an Uber driver who alleged to be a Bitcoin dealer.

Syed Mokhtar Syed Yusope was caught at Woodlands Checkpoint on Monday who ran away with a share of about $10,000 (RM29,559).

According to a report, a police spokesperson said that they are also examining the source of Mr. Pang Joon Hau’s money, which he brought in cash.

Mr. Arthur Law, Commander of Central Police Division Assistant Commissioner, told in a press conference it was not normal for people to make bitcoin transaction in person with a lot of money.

As per the report, the police urge the public to exercise caution while dealing with strangers and avoid carrying huge amounts of cash.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.