KUALA LUMPUR: A lawyer and an oil and gas company manager reported losses of RM5.2 million to cryptocurrency investment fraud syndicates this week.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said the lawyer, 57, lodged a report on Wednesday over losses of more than RM1.3 million.
"He claimed that he was cheated by a cryptocurrency investment syndicate and lost RM1.3 million.
"The complainant said he was attracted to an advertisement on Facebook in December last year and was subsequently contacted by a representative from a company called Kakaue Exchange (USA)," he told reporters today.
He said the complainant then made 14 transactions to bank accounts belonging to various companies totalling RM1.33 million.
"The complainant felt something was amiss when he tried to withdraw his profits but was met with many excuses from the investment company.
"His suspicions also grew when he found that the cryptocurrency he purchased was not offered by any other cryptocurrency exchange platform," Ramli said, adding that to date, police had detected eight cases involving the same scheme involving losses of at least RM3.51 million.
He said 22 bank accounts of various companies, believed to had been used as mule accounts by this syndicate, were under investigation.
Ramli said police also received a report from a 53-year-old oil and gas company manager on Thursday.
"The complainant claims that he lost RM3.91 million after investing via a company called the Baorul Exchange, which was said to be based in the United States.
"He made a series of transactions between March last year and April this year.
"When he tried to withdraw his profits, the company told him that they were going to promote his account and promised him higher returns if he invested more," he said, adding that the complainant made 18 transactions totalling RM3.91 million.
He said both cases had been classified as cheating under Section 420 of the Penal Code.
"We urge anyone who is interested in investing in cryptocurrency to refer to the Securities Commission for advice," he said.