Cops probing RM3.5mil crypto investment fraud

KUALA LUMPUR: Police have received eight reports of fraud involving a non-existent crypto investment scheme called “Kakaue,” advertised on Facebook, with total losses amounting to RM3.5mil.

Bukit Aman Commercial Crime Investigation Department director Comm Datuk Seri Ramli Mohamed Yoosuf said that 22 bank accounts registered under various company and business names are being investigated for being used as mule accounts by the syndicate behind the crypto investment scheme.

On Wednesday, police received a report from a 57-year-old lawyer who claimed to have lost RM1.3mil after being duped into joining the investment scheme.

“Around December 2023, the victim, attracted by an advertisement on Facebook, was subsequently contacted via WhatsApp by several individuals claiming to be representatives from Kakaue Exchange (USA).

“After registering through the website www.kakauesr.com, the victim made staggered money transfers to 14 different company accounts, totalling RM1,339,918. Through the platform, the victim could see his investment generating profits,” he told a press conference here on Friday (June 21).

However, the victim began to feel suspicious after failing to withdraw the profits he had supposedly made and discovering that the three cryptocurrencies he had purchased through the platform were not offered by other cryptocurrency exchanges.- Bernama