A 63-year-old IT consultant lost nearly RM1.5 million after falling for an online cryptocurrency investment scheme known as Crypto Kakaue
GEORGE TOWN: An IT consultant has lost nearly RM1.5 million after falling victim to an online cryptocurrency investment scam syndicate known as ‘Crypto Kakaue’.
Penang police chief Datuk Azizee Ismail said the victim, a 63-year-old man, lodged a report at the Commercial Crime Investigation Division of the Southwest district police headquarters on Saturday.
He said in a statement that the victim was drawn into the scheme after coming across a cryptocurrency investment advert on Facebook in December 2023.
“The victim then clicked the link in the advertisement before contacting the suspect via WhatsApp,” he said, adding that the suspect offered an investment scheme involving the buying and selling of the USDT cryptocurrency.
Azizee said the victim subsequently joined a WhatsApp group chat called ‘Saham Mececah Hati Orang’, where he was told about the investment and offered high returns.
He said the victim was told to install an app called ‘Kakaue’ and conduct cryptocurrency transactions.
“Between March and September 2024, the victim carried out nine money transfers to six bank accounts belonging to companies provided by the suspect, involving a total of RM1,494,410.
“However, after all the transactions were completed, the victim was unable to withdraw or transfer the profits and capital shown in the application to his personal account,” he said, adding that the case is being investigated under Section 420 of the Penal Code for cheating.
