Contractor loses nearly RM150,000 in bogus cryptocurrency investment scam
KUALA TERENGGANU: A construction contractor lost nearly RM150,000 after falling victim to a bogus cryptocurrency investment scheme.
District police chief Assistant Commissioner Azli Mohd Noor said the 59-year-old man lodged a police report at 6.19pm yesterday.
He said the victim joined the cryptocurrency investment scheme in early August after being introduced to it by an individual on TikTok who claimed to be from South Korea.
He said the syndicate persuaded the victim to invest after promising lucrative returns.
"The victim was instructed to make 14 payment transactions to 11 different accounts, totalling RM144,781.
"The victim used his business savings and admitted to having knowledge of scam-related crimes through social media, particularly Facebook.
"However, the victim realised he had been duped after failing to receive the promised returns before lodging a police report," he said.
The case is being investigated under Section 420 of the Penal Code for cheating.
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