KULAI: A 54-year-old trader lost RM304,200 after falling victim to an online cryptocurrency investment scam.
District police chief Superintendent Tan Seng Lee said the male victim became involved in cryptocurrency investment after seeing an advertisement on Facebook in October last year.
He said the victim then contacted the suspect via phone and was given an explanation about the investment.
"The victim was promised quick profits. He was instructed to download an application and register an account on the app to monitor his investment.
"The victim made investments from March to May into several different accounts under the suspect's direction, amounting to a total of RM304,200.
"When the victim saw that his investment status showed profits, he decided to withdraw the earnings but was unsuccessful," he said yesterday.
He said that at the same time, the suspect could not be contacted.
"The victim suspected he had been scammed and filed a police report at the Kulai Police Station the day before yesterday (June 18). The case is being investigated under Section 420 of the Penal Code," he said.