Alor Gajah retiree loses RM132,000 to investment scam

ALOR GAJAH: A 57-year-old retiree lost RM132,000 in a cryptocurrency investment scam.

Alor Gajah OCPD Supt Arshad Abu said the male victim was promised lucrative returns on his investment in just six hours after being introduced to the scheme through an advertisement via Facebook on May 2.

"The victim was asked to initially invest RM1,000 by the fraudster and was promised high returns if he placed more money in the scheme," he said on Thursday (May 18).

Supt Arshad said the victim then deposited the total amount in stages to a bank account provided by the con artist between May 3 and May 11.

He said a police report was lodged at the Alor Gajah police headquarters on Tuesday (May 16) after the victim realised he was cheated.

"We have initiated an investigation under Section 420 of the Penal Code for cheating," he added.