Myanmar Syndicate surrounded by gold coin investment scams

Myanmar’s Cybercrime Syndicate has been accused of launching and pushing cryptocurrency investment fraud on gold coins. According to two victims based in Telangana, India, the syndicate has mainly targeted US citizens and carried out a massive cryptocurrency fraud.

The Myanmar syndicate is said to have deceived unsuspecting individuals by promoting fraudulent investment while seducing victims using price manipulation and fake online identities. Reports say crypto investments are supported by money, giving victims confidence to invest in the platform.

Reports say the victims were recruited as part of the fraud and were forced to participate in several illegal activities. They are now moving forward to provide information that will blow away sophisticated cryptocurrency scams. They also revealed the extent of deception and exploitation.

Myanmar syndicate victims reveal tricks

One of the victims, 23-year-old National Katambenu, of India, said the offender assigned him to Shanshub Company, located in KK4 Park. He was given a false identity, E8 and was instructed to interact with potential US investors as a woman. Katam was instructed to use WhatsApp and Facebook as their main messaging apps to seduce unsuspecting investors into the scheme.

He said his job is to build trust with investors with the ultimate goal of persuading them to purchase digital assets of gold coins through a platform managed by Chinese operators. The scammers manipulated the price graph of the token and showed low fees to bring the investment to the investors as the start of profits. In this way, after they purchase the token, they must wait for it to receive the promised rise, collecting profits.

Katam chatted with potential investors for weeks and said he was gradually making an impression on the profits he would earn if he invested in digital assets. If investors get hesitant, the syndicate will be in charge of the process and make video calls with women from the call center to further convince the target of the authenticity of the opportunity. However, after the victim invests the funds, at the time of withdrawal, it turns out to be locked and inaccessible.

Fake Identification and Other Criminal Atrocities

According to Katam, he worked at the Myanmar Syndicate for about three months before he realized that he was not paid for his services. He said whenever he sought compensation, the group constantly pressured him to recruit more casualties to meet his target.

The second victim, Mohammed Albaz Bimbabazvaser, was at the 23-year-old company of Jahanuma, Hyderabad. He told authorities that he was placed at Zhantu Company, KK2, KK Park. Mohammed was trained in social media manipulation, and he was carrying out some of his cryptocurrency scams. The Myanmar syndicate has created fake Facebook accounts pose as celebrities and NRIs. Once the follower accounts on their account reach the maximum level, they engage in personal conversations and submit requests to select people to build trust.

He said the Myanmar syndicate provided them with authentic US figures and made the conversation seem legitimate. Over the specified number of days, Mohammed was asked to be friends with his target before introducing crypto investment opportunities. Victims were asked to purchase USDT or ETH from fraudulent platforms managed by the group.

They also manipulated the prices of fake crypto exchange assets to make them appear to be buying more digital assets at cheaper prices. However, once the transaction is completed, the victim will not be able to withdraw the funds. Mohammed said that he was promised a lucrative salary but had only been paid Thai baht for two months, when he was working for the Myanmar syndicate. Qatham and Mohammed were rescued in a coordinated military effort at KK Park in Myanmar before being returned to India.