A businessman lost RM1.25 million in a cryptocurrency investment scam after being promised lucrative returns by fraudsters.
IPOH: A businessman lost about RM1.25 million, believed to have fallen victim to a cryptocurrency investment scam since January last year.
Perak police chief Datuk Mohd Alwi Zainal Abidin said the case was detected after the 45-year-old victim came forward to file a complaint with the Commercial Crime Investigation Division, Ipoh district police headquarters (IPD) on July 10.
“Initial investigations found that the victim was introduced to several individuals who offered cryptocurrency investment opportunities with promises of lucrative returns, in addition to holding several information sessions to convince him to participate in the investment,” he said in a statement.
He said the victim then made several digital asset transfer transactions to a digital wallet instructed by the suspect between March 28 and April 17, 2025.
However, he said the victim failed to obtain the promised returns and was unable to withdraw the investment capital.
He said the case was being investigated under Section 420 of the Penal Code for fraud.
Mohd Alwi advises the public to always be wary of any offers that promise extraordinary profits or unreasonable fixed returns, before making any investments.
