Malaysian Retired Engineer Scammed Out of Over RM9 Million in Online Crypto Fraud Scheme

A 63-year-old retired engineer in Malaysia has fallen victim to an online cryptocurrency investment scam, losing a total of RM9,474,310 since July 2024.

The scam began with a social media advertisement promising high returns on Bitcoin investments. After clicking the link, the victim was added to a WhatsApp group and contacted by two individuals who explained the investment process, promising returns of up to 50 times the invested amount. He was then instructed to register an account on an investment platform and made 29 payment transactions to 11 different bank accounts between October and December 2024.

The victim initially saw a supposed profit of RM88 million displayed on the app and attempted to withdraw the funds. However, he was asked to pay RM800,000 to release the investment. When he refused and grew suspicious, the two individuals he had been in contact with became unreachable.

The Johor state police are urging the public to exercise caution and avoid being easily swayed by investment offers on social media that promise quick and high returns. They recommend verifying any investment offers with relevant agencies such as the police, Bank Negara Malaysia (BNM), and the Securities Commission (SC) before making any transactions. They also advise checking the status of bank accounts and phone numbers provided by investment agents prior to making any payments.