Malaysian authorities arrested two men on August 3, 2017, in connection with the BC Academy Ponzi scheme. Police raids seized luxury items and cash totaling over $490,000 USD, including 17 luxury watches and 35 designer bags. The operation followed complaints from investors who lost an estimated $4.6 million to $23.2 million.

BC Academy operated as a reboot of the uFun Club Ponzi. It promised returns on "bookcoins," described as a silver-backed cryptocurrency. Affiliates purchased packages of "BC points" and virtual shares. These shares held no intrinsic value outside of the multi-level marketing structure, with BC Academy assigning arbitrary worth.

Website traffic for BC Academy began a sharp decline from October 2016. This decline made it impossible for the scheme to meet its promised returns to investors. By early August 2017, at least four formal victim complaints had been filed with Malaysian police.

Police quickly moved to arrest two individuals, aged 45 and 40, on August 3. Media reports did not name them at the time. ScamTelegraph previously identified Wyson Chan as BC Academy's CEO and Alex Siaw Swee Hin as the Chairman of BookCoins. Both men had previously worked together through Naim Indah Corporation Bhd. Shares in Naim Indah Corporation plummeted following news of the arrests.

Beyond the arrests, police conducted raids on two residential properties. They recovered 17 luxury watches, 35 designer bags, 16 silver bars, and two luxury cars, collectively valued at RM1.05 million ($244,385 USD). Officers also seized a BookCoin ATM machine, 26 cheque books, and $246,712 USD in cash.

Investigators believe approximately 200 BC Academy investors were defrauded. Their combined losses ranged from $4.6 million to $23.2 million USD.

In March 2021, Wyson Chan contacted ScamTelegraph to state he was not among the arrested individuals. Chan claimed he had left BC Academy over a year before the raids. He said he voluntarily filed a police report and appeared in court, receiving written documentation from both police and the court confirming his non-involvement and that he was not under investigation. Chan stated he was a Chinese metaphysics teacher. He said Alex Siaw, Chairman of the listed company Naim Indah, had invited him to be BC Academy's CEO. His role was to assist in listing the bookcoins project and present the concept to members.

Wyson Chan's claims from 2021 cannot be independently verified by ScamTelegraph four years after the events.