KUALA LUMPUR: A 63-year-old retired engineer in Johor became the latest victim of an online cryptocurrency investment scam, suffering RM9,474,310 in total losses since last July.
Johor state police chief Datuk M. Kumar said the victim was lured by a social media advertisement promoting high returns on Bitcoin investments.
"The victim clicked on the link provided on the page and was immediately added to a WhatsApp group.
"Subsequently, two individuals contacted him to explain about the investment process and promised him up to 50 times the return of the invested amount,".
"The victim was also instructed to register an account on an investment platform to get started and made 29 payment transactions to 11 different bank accounts between Oct and Dec," Kumar said.
Upon reviewing the app, he said the victim saw a purported profit of RM88 million and wanted to withdraw the money but was asked to pay RM800,000 for the investment to be released.
"The victim, who refused to make the payment, became suspicious when the two individuals he had previously dealt with were no longer reachable on the numbers they used to convince him," he said, adding that the case is being investigated under Section 420 of the Penal Code for cheating.
Kumar urges the public to be cautious and not get easily swayed by investment offers on social media that promise quick and high returns.
Kumar called on the public to verify any investment offers with relevant agencies such as the police, Bank Negara Malaysia, and the Securities Commission before engaging in any transactions.
"We encouraged the public to use the "Semak Mule" service to check the status of bank accounts and phone numbers provided by the investment agents before making any payments.
"Staying informed about commercial crime trends is crucial to prevent falling victim to scams," Kumar added.