A 42-year-old man in Malaysia was left devastated after being swindled out of almost RM1 million (S$289,300) in a cryptocurrency scam. According to Johor Baru South Police Assistant Commissioner Raub Selamat, the victim reported the incident on November 18. The man claimed that he had been deceived by a foreigner who enticed him with a mobile app-based cryptocurrency investment opportunity.
The victim was promised a 60% return on his investment within just 60 minutes, along with additional revenue for each transaction. Falling for the scammer’s false promises, the victim proceeded to make 126 transactions totaling RM989,170 for supposed Bitcoin investments.
It was only after encountering difficulties in withdrawing his funds and discovering his account was blocked that the victim realized he had been defrauded. The matter has now been reported to the authorities, with investigations underway under Section 420 of the Penal Code for cheating.