Crime & Courts

More than RM5 million crypto scam losses reported in Johor during the first 23 days of the year

JOHOR BARU: More than RM5 million in losses from fraudulent online cryptocurrency investment scams involving 12 victims were reported in Johor during the first 23 days of this year.

State police chief Commissioner M. Kumar said the victims, all locals aged between 46 and 71, suffered a total loss of RM5,071,178.81 after they were duped into investing their money in the cryptocurrency investment scams.

He said the victims came across advertisements promoting cryptocurrency investments on social media platforms, which promised lucrative returns in a short period.

"Police initiated investigations into the series of reports concerning these cryptocurrency investments made through the ACCERX platform," he said.

Upon responding to the cryptocurrency investments advertisements, the victims were directed to links that led them to several WhatsApp chat groups.

In the mobile messaging chat groups, they were provided with information on the so-called investment opportunities and the potential high profits.

Once they downloaded and registered on the ACCERX platform, they were able to monitor their investments in real-time.

Believing that the investment platform was legitimate, the victims were then convinced to make online transfers to designated bank accounts to purchase the cryptocurrencies.

They were able to track all transactions made via the ACCERX platform, which recorded significant profits. The scam takes place when the investors attempt to make withdrawals via the platform.

They will then encounter difficulties withdrawing their profits on the platform. Upon checking with the scammer agents via WhatsApp, they will be convinced to make additional payments as agent's fees to help them with the withdrawals.

Most of them would comply, while those who refuse will be threatened that their investments will be forfeited.

The victims realised that they were duped after they still could not access their account on the ACCERX platform despite paying the agent's fees.

Kumar said the victims lost their investments ranging between RM177,000 and RM1.7mil per victim. The case, he said, being is investigated under Section 420 of the Penal Code for cheating.

He also urged the public to verify the online investments platforms, such as Semak Mule, Whoscall as well asNational Scam Response Centre (NSRC) at 997 before placing their investments.

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