Technology · Malaysia Bureau
Kuantan senior citizen loses RM218,000 in cryptocurrency investment scheme
A Kuantan businessman fell victim to a fraudulent cryptocurrency investment scam, losing over RM218,000 across 53 transactions. Police are investigating the case as part of ongoing efforts to combat investment fraud targeting senior citizens.
LSN Malaysia ·
A senior citizen from Kuantan has lost RM218,239.24 after being deceived by what authorities believe was a non-existent cryptocurrency investment scheme. The victim conducted 53 separate transactions over the course of the scam before discovering the fraud.
Investigations revealed that the victim was lured into the scheme through false promises of high investment returns in digital currencies. The fraudsters, operating through online platforms, convinced the senior citizen to transfer funds repeatedly, each time assuring him of substantial profits.
The case highlights the growing vulnerability of older Malaysians to sophisticated online investment scams. Cybercriminals increasingly target this demographic, exploiting limited digital literacy and trust in online platforms to perpetrate large-scale financial fraud.
Police in Pahang have urged the public to exercise caution when approached with unsolicited investment opportunities, particularly those promising guaranteed returns or requiring multiple upfront payments. Authorities recommend verifying the legitimacy of investment schemes with the Securities Commission Malaysia and reporting suspected fraudulent activity to the nearest police station.