The Maldives Police Service has issued a warning over a new and sophisticated scam that has defrauded victims of more than MVR 2.9 million, primarily targeting Chinese foreign workers in the country.

Police explained that the scam is executed through fraudulent cryptocurrency transactions, primarily involving Tether (USDT). Scammers approach local cryptocurrency sellers under the guise of a legitimate currency exchange and instruct them to transfer USDT to a designated wallet address. Simultaneously, a foreign national carrying Maldivian Rufiyaa in cash, misled into believing the amount will be converted into foreign currency and deposited into their bank account, is directed to hand over the money to the seller. After verifying the cash, the seller transfers the cryptocurrency as instructed. However, no funds reach the foreign national’s account, leaving both parties in dispute while the scammers abscond with the USDT.

The police emphasised that both cryptocurrency sellers and buyers have been left vulnerable in these cases, with ownership of the cash becoming contested when the promised transfers fail. Authorities urged individuals to exercise extreme caution in cryptocurrency and cash transactions, warning against relying on unknown third parties who attempt to connect buyers and sellers. 

Victims or individuals approached with such proposals are strongly encouraged to report immediately by calling the National Emergency Call Centre on 911 or contacting the police hotline 3322111. The Maldives Police Service confirmed that investigations are ongoing to identify and bring those responsible to justice.