Crime & Courts

Elderly man loses RM228,000 in crypto investment scam

NILAI: Enticed by the lure of lucrative returns after making his first digital currency (crypto) investment, a man had to bear a loss of more than RM220,000 when he realised he had been cheated.

The elderly victim, who was added to a group on the Telegram application, invested RM8,000 in the scheme to which he received a return of RM15,000.

Nilai police chief Supt Abdul Malik Hasim said the victim was then persuaded by a man known as "Teacher Zheng" to make the next investment.

"The Nilai Police Station complaint counter was notified of this incident at 4.35pm yesterday by a local man in his early 60s.

"In October, the complainant was included in a Telegram group and was influenced to participate in cryptocurrency investment through the Hong Kong ACCERX platform by an individual who introduced himself as Teacher Zhang and was promised lucrative returns.

"He made his first transaction of RM8,000 and managed to get an investment profit amounting to RM15,000, which was put into an account on the ACCERX Hong Kong platform," he said in a statement, today.

"Subsequently, he was persuaded by Teacher Zhang to increase the value of the investment of up to RM228,000 through 13 financial transactions to nine different accounts.

"He realised that he was being cheated after failing to make a withdrawal for the investment made, on the grounds that his account was involved in money laundering."

Malik said the Nilai District Commercial Crime Investigation Division opened an investigation paper in accordance with Section 420 of the Penal Code and was trying to locate the suspect involved for further investigation.

"The public are advised to check with the authorities and Bank Negara Malaysia (BNM) before participating in any investment scheme or get-rich-quick scheme to avoid becoming a victim of fraud," he said.

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