Elderly M’sian Couple Lose RM542K To Cryptocurrency Investment Scheme Which Never Existed

Investing in the stock market or cryptocurrencies often carries a huge risk, where investors can potentially be left with huge financial losses if things were to go awry.

An elderly couple looking to strike rich were left more than half a million poorer after they were duped into pouring money into a non-existent cryptocurrency investment scheme.

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Elderly m'sian couple lose rm542k to cryptocurrency investment scheme which never existed
For illustration purposes only. Photo via Freepik

Elderly M’sian couple lose RM542K to cryptocurrency investment scheme

According to Perak police chief Datuk Seri Mohd Yusri Hassan Basri, he said the couple, who were both government pensioners in their 70s, had been in contact on January 8 with a Facebook page named ‘Najwan Islamic’, whose address was registered in Singapore and offered cryptocurrency stock purchase services in the US.

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A day later, the couple proceeded to buy two units of stocks worth RM500 and deposited the money into a local bank account.

“The suspect told the couple that they would receive a return of RM4,950 from their investment within the same day. He also told them that if they didn’t withdraw the money, their investment profits would increase,” said Mohd Yusri.

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Perak police chief datuk seri mohd yusri hassan basr
Photo via Malay Mail

On January 10, the couple contacted the suspect to inquire about their investment returns and were informed that it had grown to RM18,500.

However, they were instructed to make several payments in order to receive the returns, which they did so by making 133 online money transfer transactions totalling RM542,171.20 to 39 local bank accounts between January and July.

Mohd Yusri said the couple realised they were scammed when they didn’t receive the promised returns after paying the hefty sum, which included their savings and retirement funds.

“They subsequently filed a police report at the Hilir Perak District Police Headquarters (IPD) yesterday (July 30) and the case is being investigated under Section 420 of the Penal Code for cheating,” he said.

Always remember the old saying: ‘If it’s too good to be true, it probably is!’


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