IPOH: A woman in her 60s lost more than RM5 million after falling victim to a cryptocurrency investment scam.
Perak police chief Datuk Noor Hisam Nordin said the victim was lured into investing through a non-existent cryptocurrency platform known as “ELTFV,” which she was introduced to via Facebook and an online investment group called “AB4 Trend Navigation.”
Noor Hisam said initial investigations revealed that her first transaction was made in July this year for RM10,000, with subsequent transfers bringing the total losses to RM5,030,970.
“The last transaction was recorded in August,” he said in a statement tonight.
He said the syndicate’s modus operandi was to display supposed early profits on the platform to gain the victim’s confidence.
“She was then instructed to transfer money into several local bank accounts controlled by the syndicate.
“However, when she attempted to withdraw her capital and profits, the transactions failed, and her access to the platform was blocked,” he said.
He said the victim, who works in a professional field, later checked with the Securities Commission, which confirmed that the platform was unregistered and listed as an illegal investment entity.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a maximum penalty of 10 years’ imprisonment, whipping, and a fine upon conviction.
He reminded the public to be cautious of online investment schemes that promise quick and lucrative returns.
“The public is also advised not to disclose personal information, including copies of identity cards, to unknown parties, as it may be misused by criminals.
“Anyone with information on such scams can contact the CCID Scam Response Centre at 03-26101559 / 03-26101599 or the nearest police station,” he said.
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