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MYR400,000 lost in Batu Pahat crypto investment scam

BATU PAHAT (ANN/THE STAR) – A 64-year-old Malaysian man in Batu Pahat lost more than MYR400,000 in a cryptocurrency investment scheme that ultimately proved to be fraudulent.

Acting OCPD of Batu Pahat, Supt Shahrulanuar Mushaddat Abdullah Sani, explained that the retiree from the private sector first connected with an unidentified individual on Facebook in March. 

“The communication later shifted to WhatsApp, where the victim was persuaded to invest in digital currency via ‘kakauet.com’,” he stated in a release on Sunday, July 7.

“The victim provided his details on the platform and was assured of substantial returns by the scammer.

“Consequently, he transferred funds to eight different accounts from April 3 to June 18, amounting to MYR400,900,” he added.

Supt Shahrulanuar said that as the scheme unfolded, the victim received a message claiming the US Treasury Department had seized his investment account.

“The scammers then requested three per cent of the investment sum to release it.

“Suspecting foul play, the victim refused to comply with the demand,” he added.

The case is now being investigated for cheating under Section 420 of the Penal Code.

PHOTO: ENVATO
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