A 61-year-old accountant in Malaysia fell victim to a Bitcoin investment scam, losing RM460,888 after being lured by promises of quick and substantial profits. The case highlights the growing threat of online scams targeting unsuspecting individuals.
A 61-year-old accountant from Malaysia became the victim of a Bitcoin investment scam, losing RM460,888. The woman, who is nearing retirement, was lured in by a Facebook advertisement for a platform called PFOU. She joined the investment group in July and was promised quick and substantial profits. Over the course of several months, she was convinced to invest through a mobile application called UVKXE, which displayed purported investment transactions and profits.
She made three payments totaling RM460,888 to two different bank accounts between December 30 and January 16. According to the 'UVKXE' app, her investment had grown to USDT1,219,907.6624, equivalent to RM5.5 million. However, when she attempted to withdraw her profits, she was instructed to pay a management fee of RM550,152.35. Suspecting she had been deceived, the woman did not pay the fee and subsequently reported the incident to the police. The Seri Alam District police chief, ACP Mohd Sohaimi Ishak, confirmed the case and stated that it is being investigated under Section 420 of the Penal Code for cheating. This charge carries a maximum sentence of 10 years imprisonment, caning, and a fine. Additionally, investigators are looking into potential money mule accounts under Section 424 of the Penal Code, which carries a maximum fine of RM100,000, imprisonment of up to seven years, or both.ACP Mohd Sohaimi urged the public to be vigilant against online scams and to avoid investment schemes that promise unrealistic returns. He emphasized the importance of conducting thorough research and verifying the legitimacy of any investment opportunity before committing funds.
Bitcoin Investment Scam Online Fraud Retirement Cybercrime
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