UbitMarkets Review 2026: No Regulation, Direct Links to UBIT Coin Scam, and Serious Platform Risks
UbitMarkets review reveals no valid license and direct links to a fraudulent project, raising serious concerns over investor fund safety.
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Abstract:Two international students’ attempt to fake a kidnapping and extort millions from a wealthy family has unravelled into a real-life legal drama.

Two international students are now facing serious legal trouble after a fake kidnapping plot in Malaysia went badly wrong. What was meant to be a quick way to get money from a wealthy family has instead become a clear warning about the risks of fraud.
On 2 May, Ye Yingxi, an 18-year-old Chinese student studying management in Kuala Lumpur, and his 23-year-old friend Zhang Runbao, a student at the National University of Singapore, carried out a staged kidnapping in a local hotel. Their goal was to convince Yes mother, who lives in Dubai, to send them RMB 5 million (about RM2.9 million).
The fake kidnapping was dramatic. In a video call, Ye appeared half-naked, tied up, and gagged. They even acted out scenes of waterboarding and abuse to make the situation look more serious. Yes mother flew to Malaysia immediately, ready to pay the ransom.
However, when she arrived, she realised something was not right. Instead of paying the money, she went to the Ampang Police District Headquarters and handed over two videos she had received. That was when the truth behind the staged kidnapping began to unfold.
Just two months earlier, Ye had told his grandfather that he had lost money in a fake cryptocurrency scheme and asked for RMB40,000 (RM23,937). When his grandfather refused, Ye appeared to come up with a bigger plan.
Police investigations led to the arrest of both Ye and Zhang. They have now been charged with attempted cheating under Section 511 of the Penal Code. This allows for up to half the maximum sentence under Section 420, which deals with fraud. They also face additional charges under Section 417, read together with Section 34, which covers fraudulent acts carried out by more than one person. If found guilty, they could face up to five years in prison or a fine.

At a recent court hearing, Judge Azrul Darus granted both men bail of RM30,000 each, with two sureties. The judge also ordered them to surrender their passports. The case will be heard again on 27 May.

Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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