JOHOR BARU: A company director’s maiden venture into cryptocurrency grew by more than 700% to about RM6mil in just three days – only for him to discover that it was a scam.
The man, in his 40s, not only lost his purported profits but also his RM800,000 capital after “investing” in the scheme.
A police official said the incident began when the victim befriended a man on social media who claimed that his company was launching a new cryptocurrency and looking for investors in late July.
“Initially, the victim was not interested, but the broker managed to entice him with promises of huge profits within a short period.
“The director then transferred more than US$200,000 (RM808,000) to several accounts to purchase the cryptocurrency,” the official said.
The victim realised he had been scammed when he was locked out of the trading platform after his investment purportedly grew to about RM6mil.
The official said the victim subsequently lodged a police report after he was also unable to contact the broker.
In another case, a Felda settler was duped of almost RM800,000 in savings by scammers posing as a deputy public prosecutor.
The woman was so convinced by the scam that she opened another bank account and handed the ATM card and PIN to the fraudsters.
“She even pawned her jewellery to pay them,” the official said.
The ordeal began in April when the woman received a call from a man claiming to be a deputy public prosecutor who threatened to arrest her for money laundering.
The worried woman followed the scammers’ instructions for almost four months before informing her children after exhausting all her funds.
She subsequently lodged a police report in Segamat.
Meanwhile, in Tangkak, a 56-year-old palm oil entrepreneur lost RM245,403 after falling victim to a fake investment scheme promoted on TikTok.
Tangkak OCPD Supt Roslan Mohd Talib said the victim came across an advertisement for an investment scheme on May 6.
“The victim was lured by promises of lucrative returns within a short period, as well as assurances that she would receive high returns on her capital.
“She made 18 transactions involving three different bank accounts, believed to be mule accounts, between July 1 and Aug 22, resulting in total losses of RM245,403,” he said on Monday.
Supt Roslan said the victim lodged a police report on Sunday, adding that the case was being investigated under Section 420 of the Penal Code for cheating.
He urged the public to remain vigilant and not be easily lured by investment schemes promising high returns with little effort.
“Members of the public are advised to conduct checks beforehand as a precaution to avoid becoming victims of fraud or scams,” he said.
Supt Roslan also advised scam victims to immediately contact the National Scam Response Centre (NSRC) at 997 as an early measure to try to stop the flow of funds to the suspects’ accounts.
He said the public could also obtain the latest information on scams through the Commercial Crime Investigation Department’s social media platforms, including Facebook, Instagram and TikTok.
