Scam crackdown in Myanmar dismissed as ‘not serious’ ahead of Asean summit
AI Summary
A crackdown on a notorious Myanmar scam base has been deemed cosmetic and timed to appease world leaders meeting at the Association of Southeast Asian Nations (Asean) summit in Kuala Lumpur. The scam factories, primarily operated by Chinese syndicates, have defrauded victims worldwide through bogus investment schemes and extortion, raking in tens of billions of dollars since the pandemic. The US State Department reported that $10 billion was lost to scammers based in Southeast Asia last year. The illicit gains have spread globally, moving through cryptocurrency exchanges and shell companies before being invested in prime real estate across multiple cities. Asean leaders are facing potential embarrassment as world leaders, including US President Donald Trump, attend the summit. The scam issue is expected to be a sensitive topic during the event.
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