- Malaysian medical officer loses RM86,200 (approximately USD20,000) to a cryptocurrency investment scam operating through WhatsApp.
- Victim was lured through stock market tips group before being persuaded to invest in “Twyae Global Exchange” promising high returns.
- Police urge public to verify investment schemes with authorities before participation, as case is investigated under Section 420 of the Penal Code.
A Malaysian medical officer has fallen victim to a cryptocurrency investment scam, losing RM86,200 after being recruited through a WhatsApp group that initially shared legitimate stock market advice. The case, reported to Kuala Terengganu police, highlights the sophisticated tactics employed by digital currency fraudsters targeting professionals.
The 39-year-old doctor joined what appeared to be a credible financial advice group in October 2023, where members exchanged stock market insights. After establishing trust, operators persuaded her to invest in an entity called Twyae Global Exchange, which promised substantial returns on investment.
Kuala Terengganu district police chief Azli Mohd Noor detailed the scheme’s progression: “The victim used her savings to make five transactions totalling RM86,200 to the designated account. She was later blocked from withdrawing her supposed profits under various pretexts, including claims that her account had been frozen.”
The deception became evident when operators demanded an additional transfer of USD T35,146.60 in Tether, a popular stablecoin designed to maintain value parity with the US dollar. This payment was supposedly required for an “income verification process” – a common red flag in cryptocurrency Scams.
Upon realizing she had been defrauded, the victim filed a police report at Kuala Terengganu district headquarters. Authorities have initiated an investigation under Section 420 of the Malaysian Penal Code, which addresses fraud and cheating offenses.
“We advise individuals to verify investment schemes with the relevant authorities to ensure they are legitimate and legally recognised,” Azli added, emphasizing the importance of due diligence before committing funds to cryptocurrency investment opportunities, particularly those promoted through social media channels.
This case reflects a growing trend of sophisticated cryptocurrency scams in Malaysia and throughout Southeast Asia, where perpetrators create elaborate facades of legitimacy before extracting significant sums from victims.
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