A new and sophisticated scam targeting foreign workers in the Maldives has already resulted in losses exceeding MVR 2.9 million, according to the Maldives Police Service. The scheme, which mainly affects Chinese nationals, exploits both cryptocurrency dealers and unsuspecting foreign nationals exchanging money.
Here’s what’s happening
The scam begins when fraudsters approach local cryptocurrency sellers, especially those dealing in Tether (USDT). The scammers convince the sellers to act as middlemen in what looks like a normal currency exchange, providing them with a digital wallet address for the transfer.
At the same time, the scammers lure a foreign national into the scheme, convincing them that their Maldivian rufiyaa (MVR) will be exchanged for foreign currency to be deposited into their bank account. The foreign national meets the crypto seller and hands over the cash. Once verified, the seller sends USDT to the scammer’s wallet.
But the promised bank transfer never arrives. The scammer vanishes with the cryptocurrency, leaving the seller without their USDT and the foreign national without their funds, often resulting in disputes between the two victims.
What to look for
Police advise that warning signs include being asked to send cryptocurrency to wallet addresses of people who are not physically present, or when a third party tries to connect you with a supposed buyer or seller. Transactions involving unusually high amounts of cash and vague explanations about how the foreign exchange process works should also raise red flags.
How to stay safe
Authorities recommend only dealing directly with individuals whose identities you can verify. Avoid relying on intermediaries who introduce themselves online or by phone, and never agree to transfer money or cryptocurrency to unknown wallets or accounts. If you are approached with such proposals, or suspect something is not right, you should contact the Maldives Police Service immediately through the National Emergency Call Centre at 911 or by visiting the nearest police station.
The police have confirmed that investigations into these cases are underway and that efforts are ongoing to hold those responsible accountable.
