Maldives Police Warn of Cryptocurrency Scam Targeting Foreign Workers

The Maldives Police Service (MPS) has issued a warning about a new cryptocurrency scam targeting foreign workers in the Maldives, with reported losses exceeding MVR 2.9 million.

According to a press release issued today, the scam primarily affects foreign nationals, particularly Chinese workers. The police urge all foreign workers to remain cautious when approached with suspicious offers and to report any incidents immediately.

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According to the police, the scam operates by involving local cryptocurrency sellers, mainly dealing in Tether (USDT). Scammers trick sellers into acting as intermediaries, providing a digital wallet for transfers. Meanwhile, a foreign national carrying Maldivian Rufiyaa (MVR) is misled into believing they are exchanging cash for foreign currency, which will be deposited into their bank account.

After receiving the cash, the seller transfers USDT to the scammer’s wallet. However, the funds never reach the foreign national, leaving both the seller and buyer in dispute. The scammer absconds with the cryptocurrency, while ownership of the cash becomes contested.

The MPS advises the public to verify identities carefully in any cryptocurrency or currency exchange transactions. They warn against relying on unknown third parties and caution against transferring money or cryptocurrency to accounts or wallets of people not physically present.

Anyone approached with such proposals or who suspects they have fallen victim is urged to report immediately by calling the National Emergency Call Center at 911 or visiting the nearest police station.

The Maldives Police Service said it is actively investigating the cases and pursuing those responsible.