SHAH ALAM: A bitcoin mining syndicate was busted for stealing about RM24mil worth of electricity following raids in a few districts in Selangor.

       Selangor police chief Comm Datuk Arjunaidi Mohamed said 2,317 bitcoin mining machines worth RM1.28mil were also seized during the raids on Tuesday (Sept 21).

       "The raids were conducted by the police with the cooperation of Tenaga Nasional Berhad (TNB) to curb electricity theft and modification of electricity installations for bitcoin mining.

       "We detained nine locals aged between 18 and 27.

       "We conducted 30 raids in several districts," he told a press conference at the state police headquarters on Thursday (Sept 23).

       Among the items seized were 2,317 bitcoin mining machines, 10 laptops, five computers and six graphic cards, he added.

       "We believe the syndicate has been operating for about a year, since September last year.

       "TNB suffered RM24.36mil worth of losses due to electricity theft," he said.

       Comm Arjunaidi said police are in the midst of tracking down the syndicate's mastermind.

       "Selangor CID has been investigating the syndicate and gathering intelligence since June," he said.