Ipoh businessman cheated of RM870,000 in crypto scam

July 18, 2023

Ipoh businessman cheated of RM870,000 in crypto scam

IPOH: A 54-year-old businessman in Kerian has lost RM870,000 in a cryptocurrency investment scam.

Perak police chief Comm Datuk Seri Mohd Yusri Hassan Basri said the victim lodged a police report on the matter at 11.15pm on July 16.

Comm Mohd Yusri said on June 24, the victim was contacted via WhatsApp by a woman claiming that she had made a large profit by investing in cryptocurrency.

He said the victim initially invested RM500 and doubled his money, which he received.

“The suspect then told the victim to invest a larger amount to get more profit.

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“He then made several transactions to three different accounts amounting to RM870,000 and was promised a profit of about RM1.5mil,” he said.

Comm Mohd Yusri said when the victim started asking about withdrawals, the woman started making excuses.

He said the suspect also told the victim to pay a 30% processing fee.

“Feeling that he had been cheated, the suspect then lodged a police report. The case is being investigated under Section 420 of the Penal Code,” he added.

Comm Mohd Yusri advised the public not to fall easily for such investment scams.

He said people must always invest only via the right platforms registered with Bank Negara and the Securities Commission Malaysia.

“Never ever believe schemes that offer unbelievable returns in a short span of time,” he added.