NILAI: A man here has lost almost RM230,000 in an online cryptocurrency scam.
Nilai OCPD Supt Abdul Malik Hasim said the victim, who is in his early 60s, was added to a Telegram group in October last year where he was encouraged to invest in cryptocurrencies.
"It was on a platform apparently based in Hong Kong and an individual identified as Teacher Zhang had promised potential investors high returns on their investments.
"The victim then invested RM8,000 and was told he made a profit of RM15,000," he said.
Superintendent Abdul Malik said Master Zheng asked the victim to increase his investment to get higher returns.
The victim then transferred RM228,000 through 13 transactions to nine different accounts.
The victim eventually became suspicious of the investment as he was unable to withdraw his winnings.
"Every time he tried to withdraw the money, he was told that his account was being investigated for money laundering activities.
"Realizing that he had been deceived, the victim filed a complaint on January 26," he said.
Superintendent Abdul Malik said the case was being investigated under section 420 of the Penal Code for cheating.
Violators can be sentenced to between one and ten years in prison, fined and caned upon conviction.
He also advised the public to always consult with Bank Negara or relevant authorities before investing their money in any scheme.
