Seven Chinese nationals charged over fake cryptocurrency scheme in Forest City

In Johor Baru, a magistrates' court heard the case of seven Chinese men accused of orchestrating a fraudulent cryptocurrency investment scheme in Forest City earlier this month. The defendants—Hong Wei Xian (25), Zhou Fu (22), Chen Lu (23), Yuan Shuping (29), Li Yi (30), Wang Tengfei (30) and Chen Xiaojia (33)—were read their charges in Mandarin and entered not-guilty pleas. Prosecutors cited Section 120B(2) together with Section 417 of the Penal Code for cheating, punishable by up to six months in jail, a fine, or both.

Deputy public prosecutor Sarah Siti Aisyah Mustapha Kamal recommended RM15,000 bail each, but the court reduced it to RM7,000 with two local sureties and set a Nov 11 date for document submission. Lawyers for the defendants argued for lower bail, noting the three students’ status and the others’ permanent addresses in Forest City. Additionally, Hong Wei Xian faced an immigration charge under Section 6(1)(c) of the Immigration Act and was granted RM9,000 bail, while Zhou and Chen Lu await verification of travel documents in a separate proceeding.