JOHOR BARU: A Malaysian real estate agent has been scammed out of RM85,000 after being tricked into investing in a fake hotel construction project in Pattaya, Thailand.
Johor Baru (South) police chief Assistant Commissioner Raub Selamat said that the 37-year-old victim was deceived through a cryptocurrency transaction involving 20,000 units of tether (USDT), equivalent to RM85,000.
"The victim was approached by two foreigners, aged between 35 and 39, in March. They claimed the investment was for a hotel construction project in Pattaya, offering him a one per cent ownership share valued at USD 10,000."
"Convinced by the pitch, the victim transferred the 20,000 units of USDT on July 8. However, no returns or profits were received, and the victim became suspicious," he said.
In a separate case, a 48-year-old hairdresser lost RM20,750 in a fraudulent investment scheme.
"The woman was contacted via WhatsApp by an unknown individual, who introduced her to a quick-profit stock investment. She provided her personal details and bank account number, after which she made seven payments to five local bank accounts."
"However, after making the payments, the suspect blocked her calls, and she was unable to recover her money," said Raub.
Both cases are being investigated under Section 420 of the Penal Code.