Scammed for Life, 2 Malaysian Men Lose RM3 Million Investing in Crypto!

<p>&nbsp;"Having been cheated out of millions, many of them can be spent on other things."</p><p><br /></p><p>Two local men in Malaysia suffered a huge loss of RM3,147,714 due to cryptocurrency investment fraud in February and May 2023.</p><p><br /></p><p>According to Selangor Police Chief Datuk Hussein Omar Khan, a 57-year-old specialist doctor reportedly lost more than RM2 million in crypto in February after meeting an individual calling himself "Professor Kim So Young" through the Linkedin application.</p><p><br /></p><p>Explained in more detail, the suspect offered the victim to participate in an investment scheme called "Trading Cryptocurrency" and told him to register a trading account on a website provided by the suspect.</p><p><br /></p><p>The victim then made 55 online transfers amounting to RM2.097 million to 37 different bank accounts provided by the suspect to buy United States (US) dollar currency and then exchange it for crypto.</p><p><br /></p><p><br /></p><p>Immediately after the investment account could not be accessed and the suspect could not be contacted, the victim made a police report in Ampang Jaya, Hussein commented again.</p><p><br /></p><p>In the second case, Hussein said a retired engineer was duped after meeting a woman who introduced herself as Anna on Linkedin in May 2023.</p><p><br /></p><p>Victims who were offered to participate in the stock investment scheme were included in a Whatsapp group called "1 Year 10 Times Wealth Club" and then asked to download an application to open an investment account including deposit payment.</p><p><br /></p><p>Hussein also revealed that the victim who made 19 transactions amounting to RM1.052 million to eight different accounts from 15 June to 2 July 2023 had lodged a police report in Sepang after realizing he had been cheated when customer service no longer responded to his messages.</p><p><br /></p><p>A string of the following two cases, Hussein advises the public not to be easily deceived by investment schemes involving crypto or shares offered online, especially on social media, where they promise large returns in a short period of time.</p><p><br /></p><p>He added that the public who intend to make any investment should check on the Bank Negara Malaysia (BNM) website to determine whether it is a registered investment company or not.</p>