IPOH: A 67-year-old retiree in Tanjung Malim has lost over RM700,000 in a cryptocurrency investment scam.
Perak police chief Comm Datuk Seri Mohd Yusri Hassan Basri said the victim, a retired security guard, lodged a police report over the matter on Saturday (Oct 7).
Comm Mohd Yusri said the victim saw an advertisement online on May 22 under the name Yomex Crypto Market and contacted the agent.
"The victim said the agent told him that the company was based in Paris and he needed to download an application. He then opened an account using the application," he said in a statement.
Comm Mohd Yusri said on July 13, the victim transferred RM8,000 into an account given by the agent as an initial investment to "activate" his e-wallet.
"After his investment 'reached' to USD$14,985, he became more confident and increased his investment to RM717,050.
"He made 17 transactions into ten different bank accounts and was told to wait two months for his returns.
"On Oct 5, after seeing that the money in his e-wallet had reached US$1.5mil, he tried to transfer the money back to his bank account but the transaction failed," he added.
Comm Mohd Yusri said the victim then contacted the company and was told to bank in another RM300,000 as tax, but the victim did not do so.
"Then on Friday (Oct 6), the victim found his e-wallet empty and he could no longer access the application after being barred by Bank Negara and the Malaysia Securities Commission," he added.
Comm Mohd Yusri said the case is being investigated under Section 420 of the Penal Code for cheating.
