Despite numerous warnings and campaigns carried out by the authorities to warn Malaysians about the dangers of scams, many still fall for the same modus operandi and find themselves financially ruined.
An elderly man was left reeling from a loss which amounted to millions of Ringgit after he was lured into a fake cryptocurrency investment.
69yo M’sian man cheated of RM10.2mil in crypto investment scam
Speaking to reporters, Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said police received a report on Aug 17 regarding the case.
According to him, the 69-year-old victim, who was a businessman, started investing in a cryptocurrency scheme in April after meeting an individual claiming to be an ‘expert’ online.
Under the guidance of the ‘expert’, the victim was led into downloading an app called Coinbase Wallet in order to gain access a website called us-bce.net to makes investments.
From April to June, the victim made multiple transfers to the investment account. When the victim attempted to withdraw funds from the platform, he was instructed to make an additional payment of RM300,000.
“Despite making this payment, the victim discovered that his investment account had been emptied, leading to a loss of RM10.2 million,” he said as quoted by NST.
Investment platform previously charged with money laundering
Ramli added that the fake investment platform was based overseas and that its owners were previously indicted for money laundering by the US authorities on Jan 31.
He also called upon the public to conduct their own research beforehand to avoid falling prey to crypto investment scams, adding that operators must be registered with the Securities Commission Malaysia, the Companies Commission of Malaysia, and Bank Negara Malaysia (BNM).
“For legitimate investment scheme operators, they usually have a physical office. As such, conduct transactions in person with the operator whenever possible.
“While face-to-face interactions don’t eliminate the risk of fraud, they provide an additional layer of security,” he said.
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