63-year-old former engineer loses RM9.47 million to cryptocurrency scam via social media ad and WhatsApp group in Malaysia

Summary

A 63-year-old former engineer lost RM9.47 million in a cryptocurrency scam after being lured by a social media ad in July 2024. The scam promised a 50-fold return on investment, leading the victim to join a WhatsApp group where two individuals convinced him to invest. Between October and December 2024, he made 29 separate transactions to 11 bank accounts. Scammers fabricated a profit of RM88 million but later demanded an additional RM800,000 for withdrawal. The victim reported the case after the scammers became unreachable. Police are investigating under Section 420 of the Penal Code, which addresses cheating and fraud.