JOHOR BARU: A 42-year-old unemployed man lost nearly a million ringgit in savings after being lured into a fraudulent investment scheme that guaranteed lucrative returns within an hour.
Johor Baru South police chief Assistant Commissioner Raub Selamat said the victim lodged a report yesterday, after realising that he was cheated by the scammer who is believed to be a foreigner.
The victim was offered a bitcoin investment by the scammer via social media.
The scam unfolded through social media, where the victim was enticed with a purported bitcoin investment promising a remarkable return of 60 per cent within a mere 60-minute window made through a suggested online application.
The victim made 126 transactions amounting to RM989,170.44 after he downloaded the provided link to the app.
However, he was not able to withdraw his capital or the promised profits as his account was promptly blocked.
Raub said the case was being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing delivery of property.
The penalties for this offense, upon conviction, include imprisonment for up to 10 years, whipping, and fines.
He advised the public to exercise caution and prudence when approached with investment opportunities.
"Verify the licences of individuals or companies involved in the investment activities through the Securities Commission and check their licensing status via the Bank Negara Malaysia website, before transferring any sum of money."