MALAYSIA: A retired government worker found himself financially ruined after falling victim to a cryptocurrency investment scheme that turned out to be a scam, resulting in a loss of over RM4.4 million (US$939,870.80).
According to a statement from Assistant Commissioner Amihizam Abdul Shukor, the Brickfields police chief, initial inquiries revealed that the 60-year-old retiree received an unsolicited message on WhatsApp from an unidentified sender claiming to be a cryptocurrency investment agent based in Singapore.
The victim was persuaded to register on a website provided by the suspect and was promised returns ranging from five to ten percent of his investment capital, as reported by the Malaysian news outlet Harian Metro.
However, the victim was not informed of the investment’s duration.
Blinded by the allure of the offer, the retiree made a total of 90 transactions, amounting to RM4,417,092.80 (US$943,521.94), in installments from 18 July to 6 September, depositing the funds into three bank accounts provided by the suspect.
When the victim attempted to access the website later, he found it inaccessible, and all attempts to contact the suspect proved futile.
It was then that he realized he had been deceived and promptly filed a police report on 13 September.
Amihizam stated that the case is currently under investigation for fraud under Section 420 of the Penal Code, and he urged the public to exercise caution and avoid falling prey to high-yield investment schemes.
He advised individuals to verify account numbers on https://semakmule.rmp.gov.my before engaging in any financial transactions.