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Businessman loses RM191k to crypto scheme

KOTA BARU: A businessman in his 30s lost RM191,000 after he was cheated by a female friend over an online investment recently.

Kelantan police chief Datuk Shafien Mamat said the victim was offered an opportunity to join an investment scheme using crypto currency early this month.

"According to the victim, the friend told him that the scheme promises a return of 1 per cent a day.

"Over a week, the victim made several transactions for the investment amounting to RM242,000 to bank accounts belonging to four individuals.

"The money was for the purchase of crypto currency. The victim needed the currency to enable him to make the investment via an e-wallet app," he said in a statement.

In under three weeks, Shafien said the victim withdrew RM51,000 in returns from the e-wallet app to his bank account.

"On Oct 18, the victim found that the smartphone app no longer existed. The online investment was later inaccessible," he said.

Realising that he was cheated, the victim lodged a police report at the Kota Baru police headquarters on Tuesday.

Police are investigating the case under Section 420 of the Penal Code for cheating.

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