IPOH: A businessman, 45, lost about RM1.25mil after falling victim to a cryptocurrency investment scam.
Perak police chief Comm Datuk Mohd Alwi Zainal Abidin said the victim was introduced to several individuals offering investment opportunities into cryptocurrency with high returns in January 2025.
"The victim attended several briefing sessions before agreeing to invest.
"Between March 28, 2025 and April 17, 2025, the victim had made several digital transactions into an e-wallet as instructed by the suspect," he said in a statement on Thursday (July 16).
"After failing to get the returns as promised and unable to withdraw his invested funds, he felt something was amiss and lodged a police report on July 10 this year," he added.
Comm Mohd Alwi said the matter is being investigated under Section 420 of the Penal Code for cheating.
"The people are advised to always be careful when it comes to investment offers that promise extraordinary and ludicrous returns.
"They are also urged to check the background of the respective companies, platform or individuals offering the investment schemes," he said.
"Get advice from the relevant authorities before deciding on making an investment.
"They should also avoid making monetary transactions to individuals or accounts that have not been verified," he added.
