Retiree loses over RM500k to crypto scam syndicate
A retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment.
Kuala Terengganu district police chief Azli Noor said on May 23, the 71-year-old man had come across a cryptocurrency investment advertisement on Facebook.
A retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment.
Kuala Terengganu district police chief Azli Noor said on May 23, the 71-year-old man had come across a cryptocurrency investment advertisement on Facebook.
He said the victim, who communicated with the suspect online, invested RM525,000 after being promised returns of US$500,000.
"The victim made seven transactions into the suspect’s account between Aug 20 and 27 using his retirement savings.
"The case is being investigated under Section 420 of the Penal Code," he said in a statement today.
- Bernama
