2 M’sian Professionals Lose RM5.2mil To Crypto Scams

Huge loss.
Two local professionals lost a staggering combined amount of RM5.2 million after both of them were deceived into thinking they would make a profit by investing in a cryptocurrency investment.

According to NST, the victims were a 57-year-old lawyer and 53-year-old oil and gas company manager.

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2 M’sian professionals lose RM5.2mil to crypto scams

Speaking to the English daily, Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said the lawyer was first reeled in by a Facebook advertisement last December.

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“He was subsequently contacted by a representative from a company called Kakaue Exchange (USA).

The victim proceeded to make 14 transactions to bank accounts belonging to various companies totaling RM1.33 million.

“He later sensed something was fishy when he tried to withdraw his profits but was given multiple excuses by the investment company. His suspicions later grew when he discovered the cryptocurrency he purchased wasn’t offered by any other cryptocurrency exchange platform,” he said.

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Ramli said the lawyer lodged a police report on Wednesday (June 19) over his loss, adding that police have since detected eight cases involving the same scheme involving losses of at least RM3.51 million.

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As for the oil and gas company manager, he reportedly lost RM3.91 million after investing via a company named the Baorul Exchange, purportedly said to be based in the US.

According to Ramli, the second victim made several bank transactions between March last year and April this year.

“When he tried to withdraw his profits, he was told that his account would be promoted and was also promised higher returns if he invested more, leading him to make 18 transactions amounting to RM3.91 million,” he said.

Both cases are currently being probed under Section 420 of the Penal Code for cheating and Ramli called upon those looking to delve into cryptocurrency investments to refer to the Securities Commission for advice.


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