Victim lured by Bitcoin promises, loses millions in high-return investment fraud.
A retired engineer in Johor lost RM9.5 million (SGD 2.84 million) to a cryptocurrency investment scam after being lured by a social media advertisement promising high returns. The victim, aged 63, made 29 transactions to 11 accounts over three months before realizing he had been scammed.
In a shocking case of financial fraud, a retired engineer in Johor became the victim of a cryptocurrency scam, losing nearly RM9.5 million (SGD 2.84 million). The scam, operated through social media, promised extraordinary returns but resulted in a devastating financial loss for the victim.
How the Scam Unfolded
The victim encountered a social media ad in July 2024 promising high Bitcoin returns. After clicking a link, he joined a WhatsApp group where two individuals persuaded him to invest, promising returns up to 50 times his investment.
Between October and December 2024, the victim transferred funds 29 times to 11 different bank accounts. He was encouraged to monitor his “profits” via an investment platform.
The platform showed a supposed profit of RM88 million (SGD 26.37 million). However, when the victim attempted to withdraw, he was asked to pay an additional RM800,000 (SGD 239,728), raising his suspicions.
Police Investigation
Johor Police Chief Datuk M. Kumar confirmed that the case is being investigated under Section 420 of the Penal Code, covering cheating and fraud. Kumar urged the public to verify investment offers with official agencies before making payments.
Read More: Singapore Enacts Bill to Freeze Bank Accounts in Scam Protection Efforts
The police highlighted tools like the “Semak Mule” service to verify bank account and phone numbers of investment agents. They also advised consulting authorities like Bank Negara Malaysia and the Securities Commission to avoid scams.
This case underscores the dangers of unverified online investments, particularly for retirees seeking financial growth. For Singaporeans and international visitors, it is a stark reminder to remain vigilant against financial fraud, which often targets cross-border victims.
Sources: Malay Mail, NST (2025)
Keywords: Johor Crypto Scam, Retired Engineer Loss, RM9.5 Million Fraud
