Retiree falls victim to RM525,000 cryptocurrency fraud after responding to Facebook ad

KUALA TERENGGANU, Sept 29 — A retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment.

District police chief ACP Azli Mohd Noor said that on May 23, the 71-year-old man had come across a cryptocurrency investment advertisement on Facebook.

He said the victim, who communicated with the suspect online, invested RM525,000 after being promised returns of USD500,000.

“The victim made seven transactions into the suspect’s account between Aug 20 and 27 using his retirement savings.

“The case is being investigated under Section 420 of the Penal Code,” he said in a statement today. — Bernama