Despite extensive coverage regarding scams and the common tactics used by scammers to pull it off, many still continue to fall victim to it.
This time, a local man who held the ‘Datuk’ title found himself millions of Ringgit poorer after he was duped into investing money into the fraudulent UVKXE cryptocurrency investment scheme.
Lost nearly RM27mil in crypto investment scam
Speaking to reporters at the Federal Commercial Crime Investigation Department (CCID) Headquarters today, director Datuk Seri Ramli Mohamed Yoosuf said the 74-year-old victim claimed in a police report that he came across the scheme through a Google search.
He was later added to a WhatsApp group and given training on how to make investments by an individual who identified himself as Professor Stanley Lim.
Completely unaware that he had fallen victim to a scam, the ‘Datuk’ made a total of nine transactions amounting to RM26.65 million to bank accounts registered to several companies.
When he tried to withdraw the USDT 269,247,546.68 (equivalent to RM1.195 billion) from the mobile application which he used to track his investments, only then did he realise that he had been deceived.
Police checks later revealed five of the bank accounts were connected to 38 other fraud cases.
“To date, 46 reports have been lodged concerning the UVKXE scheme, involving RM61.45 million in losses.
It is unfortunate that despite recent media coverage about this scheme, people are still falling victim to the syndicate.”
Ramli called upon the public to avoid getting involved in online investment schemes and to instead consult the Securities Commission and Bank Negara Malaysia (BNM) on how to make investments in a proper manner.
In light of Malaysians getting duped by scammers, this entrepreneur took it upon himself to create an app to protect the public:
