Police Alert Public to Cryptocurrency Scam Targeting Foreign Workers in Maldives
The Maldives Police Service has issued a public warning about a sophisticated cryptocurrency scam that has swindled victims out of more than MVR 2.9 million. The scheme appears to primarily target foreign workers living in the Maldives, with Chinese nationals being the most affected.
Authorities report that the scam is carried out through fake cryptocurrency exchanges, mostly involving Tether (USDT), tricking both local sellers and foreign buyers into believing they are conducting legitimate transactions.
How the Scam Works
Police have detailed the step-by-step method used by scammers. First, they approach local USDT sellers, convincing them to act as assistants in what seems to be a regular currency exchange. The sellers are provided with a digital wallet address to which the cryptocurrency must be transferred.
Meanwhile, the scammer contacts a foreign national who holds Maldivian Rufiyaa (MVR) in cash, claiming to purchase foreign currency that will be deposited directly into their bank account. The foreign national then meets the local seller and hands over the cash. After confirming receipt, the seller transfers USDT to the wallet address given by the scammer.
However, no money ever reaches the foreign national’s bank account. The scammer disappears with the cryptocurrency, leaving both the seller and the buyer arguing over the ownership of the cash. Police noted that in most cases, both parties file complaints against each other when the promised funds fail to materialize.
Police Advice for Staying Safe
Authorities are urging the public to exercise extreme caution when dealing with cryptocurrency or currency exchanges. Key safety tips include:
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Verify the identity of all parties before any transaction.
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Avoid using intermediaries who are not well-known or trusted.
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Never send money or cryptocurrency to wallets or accounts belonging to people who are not physically present.
Anyone who is approached with suspicious offers or suspects they may have been targeted by this scam is encouraged to report it immediately. Complaints can be filed by calling the police hotline at 3322111, the National Emergency Call Center at 911, or by visiting the nearest police station.