Trading ‘guru’ fleeces victim of RM3mil in cryptocurrency scam

KUALA LUMPUR: A cryptocurrency scam has left a 53-year-old man about RM3mil poorer after he was duped by a so-called trading “guru”.

According to Bukit Aman’s Commercial Crime Investigation Department (CCID), the 53-year-old victim, who works in an oil and gas company, responded to an advertisement on social media in December.

He was then introduced to a cryptocurrency investment scheme and opened an account on an exchange that was supposedly based in the United States, CCID director Comm Datuk Seri Ramli Mohamed Yoosuf told a press conference here on Friday (June 21).

“He started with a deposit of US$1,500 (RM7,068) and was asked to increase his contribution to US$200,000 (RM942,400) to enable trading.

“At the end of April, he tried to cash in his earnings but was prevented with the excuse that he had been upgraded to a ‘VIP Bronze User’ and was instructed to pay more fees for the upgrade,” he said.

The victim finally grew suspicious after being told that his account was being investigated by US authorities for money laundering activities when he tried to make a withdrawal again.

“Investigations showed that the complainant had made transactions to 18 bank accounts that are believed to be mule accounts,” Comm Ramli said.

Police believe the victim transferred more than RM3mill to the scammers in total.

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