He Thought It Was a Crypto Investment; It Cost Him RM1.2 Million

A man in his seventies has lost more than RM1.2 million after being tricked by a fake cryptocurrency investment promoted on social media. The scam used a website that looked real and promised high profits in a short time.

Sarawak Commercial Crime Investigation Department chief Assistant Commissioner Maria Rashid said the man came across the investment advertisement in mid-March. The post offered a crypto investment plan that seemed easy and very profitable. Interested, he contacted the person behind the ad and was soon added to a WhatsApp group that discussed crypto trading.

The suspect then introduced the victim to an online investment website. It looked professional and claimed to offer real crypto trading. Believing it was genuine, the man started transferring money in stages to bank accounts given by the scammer. In total, he sent more than RM1.2 million.

When he later tried to withdraw his profits from the website, the process failed. He could no longer reach the people he had spoken to. Realising that he had been scammed, he went to the police station in Kuching to file a report.

Police are now investigating the case as an online investment scam. They believe the website and the WhatsApp group are part of a larger network targeting people through social media with fake crypto advertisements.

Assistant Commissioner Maria warned the public not to trust any investment promoted on social media without checking first. She said people should confirm the companys details with Bank Negara Malaysia (BNM) or the Securities Commission Malaysia (SC) before sending any money.

She also advised victims who have just made a transfer to quickly call the National Scam Response Centre (NSRC) at 997. Acting fast can help the authorities freeze the suspects account and possibly recover the money.