An elderly woman was taught a costly lesson in trusting investment schemes too easily after she was cheated of RM5 million in a fraudulent cryptocurrency scheme.
Like many who were caught in a similar modus operandi, her troubles began when she was introduced to the non-existent cryptocurrency platform “ELTFV” via Facebook and an online investment group called “AB4 Trend Navigation”, reported NST.
M’sian woman in her 60s loses RM5mil
Perak police chief Datuk Noor Hisham Nordin said in a statement that the victim, who was in her 60s and works in a professional field, made the first transaction of RM10,000 in July this year.
She continued to make more transactions which eventually snowballed to a total amount of RM5,030,970, with the last being made in August.
Noor Hisham said the scammer’s tactic in winning the victim’s confidence was to display supposed early profits on the platform.
“She was then told to transfer money into several local bank accounts controlled by the syndicate. When she tried to withdraw her capital and profits, she couldn’t and was blocked from accessing the platform.
“Following a check with the Securities Commission, she discovered the platform was unregistered and listed as an illegal investment entity,” he said.
Police are probing the case under Section 420 of the Penal Code for cheating, which provides a maximum penalty of 10 years’ imprisonment, whipping, and a fine upon conviction.
The public was urged to be on guard against online investment schemes that come under the guise of quick and lucrative returns and not simply share their personal information to others.
They can also contact the National Scam Response Center (NSRC) at 997 or the nearest police station if they have suspicions or further information on such scams.
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