PDRM Busts Kidnap Ring Led by South Korean Suspects, Freezes RM11.5 Million in Crypto

Kuala Lumpur: Malaysian police have dismantled a kidnapping syndicate allegedly led by South Korean nationals and frozen cryptocurrency assets worth approximately RM11.5 million believed to be part of a ransom payment.

The Royal Malaysia Police (PDRM), through a special operation, successfully rescued a 40-year-old South Korean man who had been abducted while traveling down from Genting Highlands, Pahang, last week.

According to Criminal Investigation Department (CID) Director Datuk M. Kumar, the incident began on April 17 when the victim, who was driving alone, was intercepted by a group of suspects. He was forcibly removed from his vehicle, assaulted, and taken to a homestay in Melaka, where he was held captive.

The kidnappers later contacted the victim’s associate and demanded a ransom of USDT10 million (approximately RM39.6 million) in cryptocurrency. The associate reportedly transferred USDT3 million (around RM11.9 million) into an account provided by the suspects.

Following swift police action, authorities managed to track and freeze USDT2.46 million (about RM11.5 million) in Tether cryptocurrency, believed to be part of the ransom money.

Police have since arrested several individuals linked to the case and are continuing investigations to identify other members of the syndicate and recover remaining funds.

Datuk Kumar emphasized that the operation highlights the growing use of cryptocurrency in organized crime, noting that authorities are enhancing capabilities to trace digital assets and combat such sophisticated criminal activities.

Further updates are expected as investigations continue.