KUALA TERENGGANU: A 71-year-old retiree lost RM525,000 to a cryptocurrency investment scam syndicate operating through social media platforms.
District police chief ACP Azli Mohd Noor confirmed the victim encountered the fraudulent investment advertisement on Facebook on May 23.
The retiree communicated with the suspect online and invested his retirement savings after being promised returns of USD500,000.
Police investigations revealed the victim made seven transactions into the suspect’s account between August 20 and 27.
Azli stated the case is being investigated under Section 420 of the Penal Code for cheating.
The incident highlights growing concerns about cryptocurrency investment scams targeting vulnerable individuals through social media platforms.
Authorities continue to warn the public about investment schemes promising unrealistically high returns with minimal risk.
Individuals are advised to verify investment opportunities through legitimate financial authorities before transferring funds. – Bernama