Government Pensioner Loses RM4.4 Million in Cryptocurrency Scam
The 60-year-old received a message from an individual introducing himself as a cryptocurrency investment agent from Singapore.
KUALA LUMPUR: A government pensioner has parted ways with RM4,417,092 after being duped in a non-existent cryptocurrency investment.
How the Scam Unfolded
Brickfields District police chief ACP Amihizam Abdul Shukor said the 60-year-old man received a message on the WhatsApp application from an individual using an unidentified number introducing himself as a cryptocurrency investment agent from Singapore.
“The victim was directed to register on a website and was promised a five to 10 per cent return of the capital amount, but the investment period was not specified.
“Attracted by the offer, beginning July 18 until Sept 6, the victim made 90 transactions in stages to three separate accounts provided (by the suspect),” he said in a statement, today.
Amihizam said the victim lodged a report at the Commercial Crime Investigation Department of the Brickfields District Police Headquarters today after he failed to access the website and contact the suspect. The victim has not received the promised return, he added.
Investigation and Legal Action
The case is being investigated under Section 420 of the Penal Code.
Section 420 of the Penal Code deals with cheating and dishonestly inducing delivery of property. If found guilty, the suspect could face imprisonment of up to 10 years and a fine.
The police are urging the public to be cautious when dealing with investment opportunities, especially those related to cryptocurrencies. It is important to verify the legitimacy of the investment agent and conduct thorough research before making any financial transactions.
Authorities are also advising individuals to be wary of promises of high returns with little to no risk, as these are often red flags for potential scams.
Remember, if something seems too good to be true, it probably is.
Stay informed and stay safe!