JOHOR BAHRU: An elderly woman suffered a loss of RM460,888 after falling victim to a Bitcoin investment scheme that promised lucrative returns.
Seri Alam District police chief, ACP Mohd Sohaimi Ishak, said the woman, a 61-year-old accountant, lodged a report yesterday claiming she was defrauded by a Bitcoin investment platform known as ‘PFOU,‘ which she joined in July through a Facebook advertisement.
After clicking the link provided, she was added to a Bitcoin investment group and received explanations from several individuals about the scheme, which promised quick and substantial profits.
“Towards the end of December, the victim decided to invest, as she was nearing retirement. She was instructed to download an app called ‘UVKXE’ to monitor her investments and the purported profits.
“She made three payments, totaling RM460,888, to two different bank accounts between Dec 30 and Jan 16,“ he added.
“The victim was able to view her investment transactions through the ‘UVKXE’ app, showing profits amounting to USDT1,219,907.6624, equivalent to RM5.5 million,“ he said in a statement.
He added, however, that when she wanted to withdraw the profits, she was instructed to pay RM550,152.35 as a management fee.
Mohd Sohaimi said the victim, suspecting she had been deceived, did not pay the fee and subsequently lodged the police report.
“The case is being investigated under Section 420 of the Penal Code for cheating, which carries a maximum prison sentence of 10 years, caning, and a fine upon conviction.
“The investigations will also cover the involvement of money mule accounts under Section 424 of the Penal Code, which provides for a maximum fine of RM100,000, imprisonment of up to seven years, or both.
He urged the public to stay alert to the rising threat of online scams and to steer clear of investment schemes that promise easy, quick, and substantial returns.
