Young engineer loses more than RM150,000 to scam involving cryptocurrency

ISKANDAR PUTERI: A 25-year-old engineer lost more than RM150,000 after falling for a cryptocurrency investment scam, here.

Iskandar Puteri OCPD Asst Comm M. Kumarasan said the victim had come across an advertisement on Instagram regarding the investment and was connected to a Line application after clicking the link on May 7.

“He then got in touch with the scammer regarding the cryptocurrency investment and was hooked on the promises given by the scammers.

“The victim was told that he would get a 40% return on his investment from the total amount that he had invested.

“He then made RM153,065 worth of financial transactions between May 9 and May 18,” he said in a statement here on Sunday (May 26).

ACP Kumarasan added that the victim was later informed by the scammers that he had made RM100,000 in return for his investment.

“However, on May 21, the victim tried to withdraw the investment that he had made but failed and was asked to make another payment if he wished to make a withdrawal,” he said, adding that the victim then realised he had been duped and lodged a police report.

The case is being investigated under Section 420 of the Penal Code for cheating.

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 Fake Investment , Crime , Scam , Police


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