NIBONG TEBAL: A fascination with cryptocurrency investment advertisements allegedly based in New York has caused nearly RM1.49 million to disappear in the blink of an eye for an auditor of a private company in Sungai Bakap.
The 43-year-old local woman fell prey to a non-existent investment syndicate.
Seberang Perai Selatan district police chief Superintendent Ng Ah Thiam said the incident began on May 2 when the victim came across an investment advertisement on Facebook that piqued her interest.
She followed a link in the advertisement and received an explanation about the offered stock investment.
Having absorbed the pitch, the victim decided to join the investment and subsequently made several payments totalling almost RM1.49 million into several bank accounts provided by the syndicate.
Despite her substantial investment, she could not retrieve any returns, trapped in a relentless cycle of enticements for more funds.
Faced with the stark realisation that she had fallen victim to a fraud syndicate, the distressed woman turned to the police, who have now swung into action.
Realising that she had fallen into a fraud syndicate, the victim reported the matter to the police yesterday for further action.
Police advise the public to avoid easily trusting any investment promising profits on social media.
This case is being investigated under Section 420 of the Penal Code for fraud.