Company manager loses RM2.5mil to cryptocurrency scam

KUALA LUMPUR: A 42-year-old company manager has lost RM2.5mil after falling victim to a cryptocurrency investment scam.

Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf said the victim joined the scheme in July last year after seeing an advertisement on Facebook, which promised returns of between 10% and 50%.

“The victim ended up making 26 transactions amounting to RM2.5mil to accounts belonging to different companies and businesses,” he said in a statement on Sunday (Feb 9).

Initially, the victim’s investments appeared profitable, but the scammers provided various excuses and charged additional fees when he attempted to withdraw his funds, Comm Ramli explained.

“In the end, the victim did not manage to withdraw any returns,” he said.

A total of 44 police reports have been lodged against the investment scheme, with cumulative losses reaching RM33.07mil.

“We are investigating under Section 420 of the Penal Code for cheating,” he said.

Comm Ramli urged those affected to cease payments to the investment scheme and to come forward immediately to lodge police reports.

“I have repeatedly said that such tactics are common among investment scammers. They pull in the victims further to make it seem as if they actually made profits, but it was not true,” he said.

He reminded those planning to invest in any financial scheme to be vigilant.

“Do the necessary due diligence before joining any schemes, especially those offering very high returns. Make use of resources such as the SemakMule Portal, Alert List Bank Negara, and Security Commission before making any decision to invest,” he said.