KUALA TERENGGANU: A retiree here has lost RM525,000 to a nonexistent cryptocurrency investment.
OCPD Asst Comm Azli Mohd Noor said that on May 23, the 71-year-old man came across a cryptocurrency investment scheme advertised on Facebook.
He said the victim communicated with a suspect online and invested RM525,000 after being promised returns of US$500,000 (RM2.1mil).
"The victim made seven transactions into the suspect’s account between Aug 20 and 27 using his retirement savings.
"The case is being investigated under Section 420 of the Penal Code for cheating," ACP Azli said in a statement on Monday (Sept 29). – Bernama
