Businessman loses RM10.2mil in crypto investment con

KUALA LUMPUR: A 69-year-old businessman lost RM10.2mil of his savings after he was duped by a cryptocurrency investment scam.

Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf said the victim lodged a report in Sarawak on Aug 17.

“The victim joined the investment scheme in April after meeting an individual online.

“The individual taught him about cryptocurrency investment and asked him to download an application to supposedly access an investment platform.

“Between April and June, the victim transferred RM10.2mil in multiple transactions into his investment account,” he said yesterday.

However, when he wanted to withdraw his investment, a US$310,000 (RM1.3mil) fee was imposed, he said.

To his horror, the victim discovered that his investment account was empty even after making the payment, he added.

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

The investment platform concerned was based overseas and the US authorities have already taken action against it for money laundering on Jan 31, Comm Ramli revealed.

Cryptocurrency, he said, has emerged as one of the biggest phenomena in the modern financial world.

“It has attracted the attention of many investors.

“Despite facing challenges in terms of regulations and instability of the currency, it has become an interesting and potential alternative for bold investors,” Comm Ramli said.

“However, being bold is not enough as those who wish to invest in cryptocurrency must be equipped with the necessary knowledge to avoid being victims of scams,” he added.

He advised the public to conduct thorough research or due diligence on any investment scheme prior to investing.

On another matter, 19,484 commercial crime cases have been recorded so far this year, involving a whopping RM1.6bil in losses, Comm Ramli said.

“The cases and losses were recorded between Jan 1 and Aug 25.”

The number of cases had declined some 8% compared to the same period last year, where 21,274 cases were recorded.

“However, the amount of losses has spiked 28% compared to RM1.2bil last year,” he said.

A total of 9,231 investigation papers (IP) or 47% of the total IP were successfully prosecuted as of Aug 25, he added.

“It’s a slight increase compared to last year, where 44% of the total IP were prosecuted.”

Comm Ramli said combating commercial crimes, especially scams, requires the involvement of all segments of society.

“We need the cooperation of the public to spread commercial crime prevention messages.

“Let’s create a safe environment that’s free from commercial crimes together,” he said.