A 71-year-old retiree in Kuala Terengganu lost RM525,000 to a cryptocurrency investment scam after responding to a Facebook ad promising USD500,000 in returns.
Retiree Loses RM525k Crypto Scam
District police chief ACP Azli Mohd Noor confirmed the victim made seven transactions between August 20 and 27, transferring his retirement savings to the suspect’s account. The case is being investigated under Section 420 of the Penal Code for cheating.
Authorities warn that scams targeting vulnerable individuals are on the rise, especially via social media. The public is urged to verify investment schemes through legitimate financial channels before committing funds.
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