JOHOR BARU, Jan 15 — A 63-year-old former engineer from Johor has fallen victim to a cryptocurrency investment scam, losing a staggering RM9.5 million in the process.
The victim, who had been attracted to an online advertisement promising high returns from Bitcoin investments, first encountered advertisements for the scam in July 2024.
He clicked on the provided link and was directed to a WhatsApp group where two individuals contacted him, explaining how he could invest with returns of up to 50 times his initial investment.
“After being convinced, the victim downloaded and registered an investment account on a recommended application to monitor his investments,” said Johor Police Chief, Datuk M. Kumar said in a statement.
Between October and December 2024, the victim made 29 separate transactions, transferring funds to 11 different bank accounts.
Initially, the victim was told that his investment had made a profit of RM88 million, prompting him to attempt withdrawing the funds.
However, he was instructed to pay an additional RM800,000 before he could access the funds, which led him to realize that he had been scammed.
The police are investigating the case under Section 420 of the Penal Code, which covers cheating and provides for imprisonment of between one to ten years, along with fines or caning.
