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A young engineer loses more than RM150,000 in a scam involving cryptocurrency
ISKANDAR PUTERI: A 25-year-old engineer lost more than RM150,000 after falling for a cryptocurrency investment scam, here.
Iskandar Puteri OCPD Asst Comm M. Kumarasan said the victim came across an ad on Instagram regarding the investment and was linked to a Line application after clicking on the link on May 7.
“He then got in touch with the scammer regarding cryptocurrency investment and was fascinated by the promises made by the scammers.
“The victim was told that he would get a 40% return on his investment from the total amount he invested.
“He then carried out financial transactions worth RM153,065 between May 9 and May 18,” he said in a statement here on Sunday (May 26).
ACP Kumarasan added that the victim was later informed by the scammers that he had earned RM100,000 in exchange for his investment.
“However, on May 21, the victim attempted to withdraw the investment he had made but was unable to do so and was asked to make another payment if he wished to make a withdrawal,” he said, adding that the victim then she realized she had been deceived and filed a report with the police.
The case is investigated under Article 420 of the Criminal Code for fraud.