Cryptocurrency Scam Wipes Out Retiree's Savings of RM9.5 Million

A 63-year-old retired engineer from Johor has lost RM9.5 million in a cryptocurrency scam. He was misled by an online advertisement that promised high returns on Bitcoin investments.

In July 2024, the man saw the advertisement and clicked on the link. He was directed to a WhatsApp group. Two individuals contacted him and explained how he could invest. They claimed he could earn up to 50 times his initial investment.

The man downloaded a recommended application. He registered an account and began monitoring his investments. Between October and December 2024, he made 29 separate transactions. He transferred money to 11 different bank accounts provided by the fraudsters.

At first, he was told his investment had earned a profit of RM88 million. When he tried to withdraw the money, the scammers demanded RM800,000 as a processing fee. This made him realise he had been cheated.

The Johor Police Chief, Datuk M. Kumar, said the case is under investigation. The police are handling it under Section 420 of the Penal Code. This section deals with cheating and can result in imprisonment of up to ten years, fines, or caning.

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