JB man loses nearly RM1mil in crypto scam

JOHOR BARU: A 42-year-old man here lost close to RM1mil of his savings after falling for a cryptocurrency scam.

Johor Baru South OCPD Asst Comm Raub Selamat said the victim filed a report on Saturday (Nov 18).

“The victim alleged he was cheated by a foreigner who offered a cryptocurrency investment using a mobile application.

“The victim was promised that he would receive a 60% return on his investment within 60 minutes.

ALSO READ: Young adults lose more money to scams than older adults, report says. How to spot one

“The scammer also claimed that the victim would also receive revenue for every investment transaction made,” he said in a statement on Monday (Nov 20).

The victim then made 126 transactions totalling RM989,170, he added.

“He only realised that he had been duped after he was unable to withdraw his money using the app, and found his account blocked,” ACP Raub said.

In an unrelated case, a 77-year-old man lost RM207,900 in a phone scam.

“A report was lodged on Nov 16 when the victim received a call from a delivery company.

“The scammer claimed that the victim sent a parcel containing an ATM card, a passport and an identity card.

ALSO READ: Investment scams are everywhere on social media. Here’s how to spot one

“The scammer also told the victim that an arrest warrant had been issued against him," ACP Raub said.

The victim then made 20 transactions worth RM207,900 to the scammers.

Both cases are being investigated under Section 420 of the Penal Code for cheating.

"Always be vigilant and check the given account number to see if it has been registered as a scam account through Semak Mule, or do research on the company first," said ACP Raub.

"Avoid entertaining calls from unknown numbers, especially those that make claims to be from a parcel company," he added.