MELAKA, May 18 ― A retiree of a private company lost RM132,407 after being duped into a cryptocurrency investment that promised lucrative returns within six hours of joining the scheme.

Alor Gajah district police chief Supt Arshad Abu said the 57-year-old victim came across the advertisement while browsing Facebook at his home in Alor Gajah on May 2.

"The victim then made a payment of RM1,000 as an initial capital before gradually increasing the investment to RM132,407 between May 3 and 11.

"However, the victim realised he had been cheated and lodged a police report on May 16. The case is being investigated under Section 420 of the Penal Code for cheating,” he said in a statement here today.

He also advised the public to be wary of online investment scheme offers and to report to the National Scam Response Centre at 997 to block money that has been handed over to fraud syndicates. ― Bernama