Retired teacher loses RM1.2mil EPF savings to crypto scam

ALOR GAJAH: A 70-year-old retired teacher has lost RM1.2mil of her Employees’ Provident Fund (EPF) savings in a cryptocurrency investment scam.

Alor Gajah OCPD Supt Arshad Abu said the victim’s misery began on Oct 30 when she joined a social media group promising lucrative returns.

“The victim was attracted to the rosy offer of multiplying her money by 30 times in the cryptocurrency-related venture.

“She withdrew all her EPF savings, which she kept in the bank since her retirement, to invest in the scam,” he said on Friday (Jan 19).

Supt Arshad said the victim then deposited a total of RM1.2mil between Nov 14 and Dec 12 over 29 transactions involving eight separate bank accounts.

He said the victim was told she would be able to withdraw her investment once it had grown into a large amount within a specified time.

“However, the victim was prevented from accessing her account when she realised she was being duped,” he added.

Supt Arshad said she then lodged a police report on Thursday (Jan 18) and an investigation is currently being carried out under Section 420 of the Penal Code for cheating.