A 63-year-old former Malaysian engineer lost RM9.47 million (over $2 million) in a cryptocurrency investment scam, according to local police authorities.
Local news outlet The Edge Malaysia reported that Police Chief Datuk M Kumar stated it received the victim’s report on January 14, 2025. The victim reportedly claimed he was lured in July 2024 via an online advertisement on social media, which directed him to a WhatsApp group where he was pitched a scheme that promised returns 50 times the initial investment.
According to the Police chief, the victim reported making 29 transfers, totalling RM9.47 million, to 11 different bank accounts between October and December 2024. However, despite an alleged profit of RM88 million being reflected in his account, his withdrawal attempts were blocked. He was then asked to pay an additional RM800,000 to access the funds. Growing suspicious, the victim refused to pay and realized he had been scammed after the individuals he had been communicating with became unreachable.
Johor police are investigating the case under Section 420 of the Penal Code, which covers cheating and dishonestly inducing property delivery. Kumar urged the public to verify any investment offers through the relevant authorities, including the Royal Malaysia Police, Bank Negara Malaysia, or the Malaysian Securities Commission.
He also encouraged Malaysians to use the ‘Semak Mule’ service to check the status of bank accounts or phone numbers before making any financial commitments.
This incident comes on the heels of a separate operation by the Royal Malaysian Police (PDRM) in Kuala Lumpur. The law enforcement officers dismantled a cryptocurrency scam call centre targeting Japanese citizens, raiding two luxury residences. The operation resulted in the arrest of 21 individuals aged between 22 and 37, including 16 Chinese nationals, a Malaysian man, a Laotian woman, and individuals from Hong Kong and Myanmar.
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