Crime & Courts

Retired security guard loses RM717,050 in crypto scam

TANJUNG MALIM: A retired security guard is grappling with heartbreak as he counts the cost of a fraudulent cryptocurrency investment, a loss of a staggering RM717,050 from his lifetime savings.

Perak police chief Datuk Seri Mohd Yusri Hassan Basri said the 67-year-old man filed a police report, narrating the distressing ordeal.

Mohd Yusri said the chain of events commenced on May 22 when the retiree stumbled upon a cryptocurrency investment advertisement named Yomaex Crypto Market Limited on his Facebook feed within the confines of his home.

Intrigued by the tempting offer, he said the victim immediately dialled the provided contact number.

"The agent at the other end claimed that the company was based in France. Fueled by curiosity, the retiree downloaded the Yomaex Crypto application from their website ( after carefully perusing the terms and conditions," Mohd Yusri disclosed in a statement today.

Mohd Yusri said on July 13, the retiree transferred RM8,000 to a designated account, marking it as the initial capital and e-wallet activation fee.

"At the beginning of the investment, a total of USD 14,985 (RM70,631.80) was credited to his e-wallet account.

"The man was more confident to invest and has made a capital addition totalling RM717,050 involving seven transactions to 10 different bank accounts. The stipulated waiting period for the investment's maturity was set at two months," he said.

Fast forward to Oct 5, the retiree's e-wallet account showcased an astounding USD 1.5 million (RM7.07 million), Mohd Yusri said.

"The victim wanted to transfer the money to his Maybank account but failed. He then contacted Yomaex Crypto Market Limited Exchange, and the company asked the victim to deposit RM300,000 as money transfer tax, but the victim did not do so.

"On Oct 6, at about 9pm, the victim found that his e-wallet account was emptied, and the application could not be accessed as it was blocked by the Bank Negara Malaysia (BNM).

"After checking with BNM and the Securities Commission Malaysia, only then he found out that the investment was not registered with BNM," he said.

The case is being investigated for cheating under Section 420 of the Penal Code.

Most Popular
Related Article
Says Stories