- A 69-year-old oil palm plantation manager lost RM1.9 million in a cryptocurrency investment scam.
- The victim was promised 20-40% profits and believed his investment had grown to US$22.2 million.
- Despite seeing “profits” in the fake investment app, the scammers demanded additional payments for withdrawals.
A Malaysian oil palm plantation manager has fallen victim to a sophisticated cryptocurrency investment scam, losing RM1.9 million (approximately USD 450,000) to fraudsters operating through messaging platforms. The 69-year-old victim was targeted through WhatsApp and lured with promises of unrealistic investment returns.
According to Johor police chief Datuk M Kumar, the scam began when the victim received investment offers via WhatsApp from unknown individuals. The scammers instructed the plantation manager to download a specialized investment application purportedly for cryptocurrency trading.
The victim, enticed by promises of extraordinary profits ranging from 20 to 40 percent, followed the fraudsters’ instructions and was subsequently added to a WhatsApp group where he received further directives.
“The victim made payments totaling RM1.9mil into several bank accounts as instructed between December 2024 and February last year. After the payment was made, he saw his investment status on the application recording a profit of US$22.2mil,” Kumar stated.
The deception continued until the victim attempted to withdraw his supposed earnings. When requesting access to his funds, the scammers demanded additional payments—a classic red flag in investment fraud schemes. Recognizing he had been defrauded, the victim filed a police report yesterday.
Cryptocurrency investment Scams have become increasingly prevalent globally, with fraudsters exploiting the technical complexity and relative newness of digital assets to target victims. These scams typically involve fabricated investment platforms showing artificial profits to encourage further investments.
Authorities are now investigating the case under Section 420 of the Penal Code, which addresses fraud and cheating offenses in Malaysia. This section carries significant penalties for convicted perpetrators.
This case highlights the continuing danger of unregistered cryptocurrency investment schemes, particularly those promising unusually high returns with minimal risk. Financial regulators consistently warn that legitimate investments rarely guarantee profits, especially at rates significantly above market averages.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Trump Administration Proposes Blockchain Technology to Track Foreign Aid, Boost Transparency
- North Korean Hackers’ Bitcoin Holdings Outstrip Tesla’s, With Lazarus Group Now Controlling Over $1.14 Billion in BTC
- Nearly Half of Crypto Experts Bullish on AI Tokens, Survey Shows Positive Outlook for $23.6B Market
- Instagram Outage Reports Plummet as Service Stability Returns to U.S. Users
- Global Tax Authorities Tighten Grip on Cryptocurrency Activities as Bitcoin Nears $100K Mark
