On 5th February 2024, The Star reported a company director lost RM11 million in a cryptocurrency scam.

Meanwhile, on 27th January 2024, Free Malaysia Today (FMT) reported a victim of a cryptocurrency scam who lost more than RM10 million.

However, this is not the only two cases reported.

According to Bukit Aman Commercial Crime Investigation Department (CCID) Deputy Director (Investigation) Deputy Comm Datuk Rohaimi Md Isa, police had received 124 reports from victims of investment fraud nationwide involving a total loss of RM90,364,463.08.

What happens?

The company director, in his 60s, came to know about the cryptocurrency investment scheme called ‘CCERX’ advertised on Facebook last September.

Another victim, a retiree in her 80s, learned about the bogus investment scheme through an advertisement in a WhatsApp group.

She then communicated with a man, who persuaded her that the investment scheme offered a high return and told her to invest money in the scheme.

The victim made 13 payments totalling RM10 million to several bank accounts under the names of eight different companies.

Later, the victim realised she had been cheated when asked to make additional payments for various reasons.

Our Advice

As scammers are getting smarter these days, we advise the public to take these precautions to avoid getting scammed.

1) Check with Bank Negara or the Securities Commission of Malaysia regarding any investment schemes.

2) One should check the legitimacy of the service before someone intends to invest in cryptocurrency.

3) Investigate advertisements on the Internet to check their credibility. If it’s too good to be true, then it is.

4) Do not simply click any links because they might be malicious phishing links.

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Retiree loses RM10mil to crypto investment scam

Company director loses RM11mil to crypto-investment scam

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