Seven Chinese Men Plead Not Guilty in Malaysia Crypto Fraud Case

Seven Chinese nationals, including three students, pleaded not guilty Oct. 16 at a magistrates' court in Johor Bahru, Malaysia, to conspiring to commit fraud through a fictitious crypto investment scheme.

The charge alleges the men coordinated at two residential units in Forest City on Oct. 1. If convicted, they face up to six months in prison, a fine, or both. Each received bail of about $1,711 and must provide two local guarantors. The case is scheduled to return to court Nov. 11 for document submissions.

Three of the men also face charges of entering Malaysia illegally. The offense carries a possible prison term of up to five years, a fine of about $2,445, or both, and up to six strokes of caning. One received bail of about $2,200. The court is set to consider bail applications for the other two on Nov. 2, after prosecutors verify their travel documents.