JOHOR BARU: Scammers are rehashing an old con with a new twist, leaving victims heartbroken and in financial ruin.
Known as "pig butchering", the con combines the love scam and sophisticated financial fraud involving cryptocurrency and investment schemes.
Between 2022 and June 24 this year, 52 people have fallen victim to the scam, losing more than RM5 million in total.
"It is called 'pig butchering' because it (modus operandi) is like butchers feeding and fattening up pigs before slaughtering them," said Bukit Aman Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf.
He said the common love scam involved victims forking out huge sums of money to ensure the "release" of their lover in distress.
He said some victims even organised welcoming parties for their "future spouse" who does not show up and is never heard from again.
Such scams have been on the decline, but police are seeing an uptick in pig-butchering scams in Southeast Asia, he said.
The con involves scammers who are "looking for love" approaching victims on social media or dating apps. Scammers pursue a romantic connection with victims by creating elaborate personas, including using stolen photos and fake identities.
The scammers take weeks and months to build trust and emotional dependence with the victims, setting the stage for conversations to shift to financial opportunities involving cryptocurrency or high-yield investments.
"They (scammers) will claim to have inside information, special trading software or connections to exclusive investment deals," Ramli told the New Straits Times.
"The promises are often tantalising. The pitch is simple. Quick, easy money with minimal risk."
The investment scheme, from the supposed returns to the trading platforms, are fake and designed to make the scammer's pitch look legitimate.
Once victims decide to put in money and the so-called investments make money, scammers take it up a notch by manipulating the victims' feelings.
The scammers will claim to be in crisis or that an investment opportunity is time-sensitive.
"The urgency pushes victims to fork out more money, sometimes their entire savings," Ramli said.
Once the "butchers" have their fill, they will vanish, to the despair of their victims.
Ramli said pig-butchering scams were highly organised,
often involving teams operating overseas.
He urged the public to be vigilant against investment opportunities that seem too good to be true.