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Malaysian pensioner swindled of nearly US$150,000 in online investment scam despite anticipated US$7.5 million returns

In the quest for online riches, an elderly pensioner ended up losing RM697,000 while chasing investment profits exceeding US$7.5 million.

Meanwhile, a retired guard’s life savings of RM717,050 vanished in a cryptocurrency scam.

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SARAWAK, MALAYSIA: Amidst the thrill of cashing out online investment gains exceeding US$7.5 million, an elderly government pensioner endured a significant loss of RM697,000 (US$148,000).

According to Sarawak Police Commissioner Datuk Mohd Azman Ahmad Sapri, the gentleman in his early 70s was initially lured by investment advertisements on Facebook, leading to his contact with the suspect via WhatsApp last February.

The victim was instructed on using the ‘YOMAEX’ application, purportedly amassing substantial profits of around US$7.5 million.

However, to access these earnings, he was directed to make payments, resulting in two transfers totalling RM697,000 (US$148,000) to bank accounts in the name of a private company.

The unfortunate realization that he had fallen victim to a scam occurred when the promised investment profits failed to materialize.

He was even coerced into making an additional payment of RM355,000 (US$75,250). Consequently, he reported the matter to the police.

The case is now under investigation pursuant to Section 420 of the Penal Code for cheating, entailing potential imprisonment, corporal punishment, or both, alongside fines upon conviction.

‘YOMAEX’ application unveils a repeat scam scenario

In a parallel cryptocurrency scam involving the ‘YOMAEX’ application, a retired security guard in Tanjung Malim, Perak, faces a heartbreaking loss of RM717,050 (US$152,000), constituting a significant portion of his lifetime savings.

The distressing incident began with the victim discovering a cryptocurrency investment advertisement, Yomaex Crypto Market Limited, on his Facebook feed.

Intrigued by the offer, he contacted the company, which claimed to be based in France and downloaded the Yomaex Crypto application.

The retiree commenced his investment with an initial transfer of RM8,000 (US$1,700) and saw a substantial credit of RM70,631.80 (US$ 14,985) in his e-wallet account.

His confidence grew, leading to a capital injection of RM717,050 (US$152,000) through seven transactions to ten different bank accounts, all with a two-month maturity period.

By 5 October, his e-wallet displayed an astounding RM7.07 million (US$1.5 million). However, when he attempted to transfer the funds to his Maybank account, he encountered difficulties.

Yomaex Crypto Market Limited Exchange asked him for an RM300,000 (US$63,600) money transfer tax, leading to scepticism.

Upon consulting Bank Negara Malaysia (BNM) and the Securities Commission Malaysia, he learned that the investment was not registered with BNM.

Sarawak police issue urgent warning against cryptocurrency scams

Sarawak’s police department through their Facebook page (11 Oct) strongly urges the public to exercise caution regarding cryptocurrency scams.

Commissioner Datuk Mohd Azman Ahmad Sapri advises individuals to invest solely in platforms recognized by Bank Negara Malaysia (BNM) and the Securities Commission.

For guidance or to report online crime cases, the public can reach the Commercial Crime Investigation Department (CCID) via WhatsApp/SMS at 013-211 1222.

This unfortunate tale serves as a stark warning to all potential investors, emphasizing the importance of vigilance and trust in reputable sources when dealing with cryptocurrency investments.

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If you lost money to a Yomaex, there’s a chance you can get your money back, ship a detailed mail and open a case with Digitalassetclaim

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