Two men lose over RM3 million to cryptocurrency investment frauds

10 Jul 2023 10:04pm
Photo for illustration purposes only
Photo for illustration purposes only

SHAH ALAM - Two local men lost RM3,147,714 to a cryptocurrency investment fraud in February and May this year.

Selangor police chief Datuk Hussein Omar Khan said in the first case, a specialist doctor, 57, lost over RM2 million to a cryptocurrency investment scam in February after he got acquainted with an individual calling himself ‘Professor Kim So Young’ through the Linkedin app.

The suspect offered the victim to join an investment scheme called Trading Cryptocurrency, and he registered a trading account at a website provided by the suspect.

"The victim then made 55 online transfers amounting to around RM2.097 million to 37 different bank accounts provided by the suspect to purchase US currency to be converted to cryptocurrency.

"The victim lodged a police report in Ampang Jaya after the investment account could not be accessed and the suspect was not contactable,” he said in a statement.

In the second case, Hussein said a retired engineer was scammed after meeting with a purported woman who introduced herself as Anna on Linkedin around May.

"The victim was offered to join a share investment scheme and was added to a Whatsapp group named ‘1 Year 10 Times Wealth Club’ and was asked to download an app to open an investment account and to make a deposit payment.

"The victim made 19 transactions amounting to RM1.052 million to eight different bank accounts from June 15 to July 2 and only lodged a police report in Sepang after he realised he was cheated when the customer service no longer responded to his messages,” he said.

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Hussein also advised the public to not be easily deceived by cryptocurrency, shares or any other types of investment schemes offered online, especially on social media that offered huge returns in a short period of time.

"The public can check at the Bank Negara Malaysia website to determine if an investment company is registered before making any investments,” he added. - BERNAMA

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