Retiree loses over RM500,000 to crypto scam syndicate

The 71-year-old man had come across a cryptocurrency investment advertisement on Facebook.

29 Sep 2025 09:22am
A retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment. Photo for illustration purpose only - 123RF photo
A retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment. Photo for illustration purpose only - 123RF photo

KUALA TERENGGANU - A retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment.

District police chief ACP Azli Mohd Noor said that on May 23, the 71-year-old man had come across a cryptocurrency investment advertisement on Facebook.

He said the victim, who communicated with the suspect online, invested RM525,000 after being promised returns of USD500,000.

A retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment. Photo for illustrative purposes only.
A retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment. Photo for illustrative purposes only.

"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, " he said in a statement today. - BERNAMA

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