Ex-engineer in Johor loses RM9.4mil to cryptocurrency scam

JOHOR BARU: A 63-year-old former engineer fell victim to an online cryptocurrency investment scam, incurring a staggering loss of RM9.4mil retirement savings.
Johor police chief Comm Datuk M. Kumar said that the victim lodged a police report on Tuesday (Jan 14) claiming to have been lured into the scam in July 2024.
He added that the victim had encountered a social media advertisement promoting cryptocurrency investments, specifically Bitcoin where the advertisement promised high returns and easy profits.
“The victim clicked on a link in the advertisement and was subsequently added to a WhatsApp group.
“Two individuals contacted the victim via WhatsApp, providing details about how to invest, claiming returns of up to 50 times the invested amount.
“Interested in the offer, the victim downloaded and registered on an app allegedly designed to monitor the investments,” he said in a statement here.
Comm Kumar added that between October and December 2024, the victim made 29 payment transactions totalling RM9,474,310 into 11 different bank accounts.
“Upon checking the app, the victim discovered a reported profit of RM88mil.
“However, when the victim attempted to withdraw the investment, he was told to pay RM800,000 as a processing fee.
“Refusing to make the additional payment, the victim realized they had been scammed after being unable to contact the individuals involved,” he added.
The case is being investigated under Section 420 of the Penal Code for cheating.
Comm Kumar warned the public against falling prey to online investment schemes, especially those offering unrealistically high returns in a short period.
“The public is encouraged to verify investment offers with relevant agencies such as the Royal Malaysia Police, Bank Negara Malaysia, or the Securities Commission.
“Additionally, use the 'Semak Mule' service to check the status of bank accounts or phone numbers before making any payments,” he advised.
The police also urged the public to stay informed about commercial crime trends and follow updates from the official social media accounts of the Commercial Crime Investigation Department (JSJK) on Facebook, Instagram, and TikTok under @CyberCrimeAlert and @jsjkpdrm.