A senior citizen in Sibu has fallen victim to a cryptocurrency investment scam, resulting in a loss of over RM330,000. The incident highlights the growing threat of digital fraud targeting vulnerable individuals.
Sibu police chief ACP Zulkipli Suhaili confirmed the case, revealing that the victim, a private company supervisor in his 60s, reported the loss last Friday. The scam began when the victim, intrigued by cryptocurrency investments, engaged with a supposed tutor named Gabriel Lee through Facebook.
“On November 15 last year, the victim became interested and started following crypto investments through Facebook. He contacted a suspect who introduced himself as a tutor named Gabriel Lee through telephone,” stated ACP Zulkipli in a press release. Following this initial contact, the victim was added to the 188-Financial Century WhatsApp group by the suspect to monitor the purported crypto investments.
By March 18, the victim had decided to invest in the scheme. He was instructed by the suspect to download an application called ‘Kakaue’ to register an account. The suspect guided the victim to make capital payments for the investment, promising substantial profits.
From March 19 to May 23, the victim transferred a staggering RM331,050 across 11 transactions to eight bank accounts associated with various individuals and a company. The app used by the victim showed an accumulated profit of US$3,610,730, further convincing him of the investment’s legitimacy.
However, on June 20, when the victim attempted to withdraw his investment, the suspect demanded an additional payment for a “money exchange service charge.” Realizing he had been scammed, the victim promptly lodged a police report. As of the filing of the report, the victim had not recovered any of his funds.
ACP Zulkipli urged the public to exercise caution and conduct thorough due diligence before making any investment to avoid falling prey to similar frauds. “We advise the public to always verify the legitimacy of investment opportunities and be wary of schemes promising unrealistic returns,” he emphasized.
This incident serves as a stark reminder of the risks associated with cryptocurrency investments, especially those promoted through social media and other online platforms. The allure of high returns can often blind potential investors to the red flags of fraudulent schemes.
Authorities continue to investigate the case, aiming to track down the perpetrators and recover the stolen funds. In the meantime, ACP Zulkipli stressed the importance of public awareness and vigilance to prevent further instances of such scams.
The rise in cryptocurrency-related fraud underscores the need for robust regulatory measures and public education to safeguard investors. As digital currencies gain popularity, so do the opportunities for scammers to exploit unsuspecting individuals.
The police are urging anyone with information about similar scams or suspicious investment schemes to come forward and assist in their investigations.
