Online Scam Alert: Housewife Loses RM752,398 in Bitcoin Investment Scheme
The Scam
In a shocking incident, a 47-year-old housewife in Johor Bahru fell prey to an online Bitcoin investment scheme that promised lucrative returns, resulting in a massive loss of RM752,398.
How it Happened
The victim, who is still reeling from the financial blow, claimed to have been scammed after being enticed to join the scheme through a Facebook advertisement in late August. She clicked on a link in the advertisement to obtain more information about the investment and was subsequently added to a group called ‘VIP Investment Group (Malaysia)’.
The Scheme
The scheme promised substantial returns within a month, and the victim was briefed by several individuals about the investment. She was instructed to download the ‘UVKXE’ application to monitor her Bitcoin investments and view the profits generated. Attracted by the promising returns, she made 12 transfers to seven different bank accounts, amounting to a total of RM896,813.
The Loss
The victim observed a profit of USDT185,838 in the UVKXE application and attempted to withdraw the funds. However, she was only paid RM144,415. For subsequent withdrawals, she was instructed to pay one percent of the profit as a fee. Realising she had been scammed, she lodged a police report.
The Investigation
The case is being investigated under Section 420 of the Penal Code, which carries a maximum penalty of 10 years imprisonment, caning, and liable to a fine upon conviction. The investigation is also covering the involvement of mule accounts under Section 424 of the Penal Code, which provides for a maximum fine of RM100,000, imprisonment of up to seven years, or both.
A Warning
Acting Seri Alam District police chief, DSP Dr. Mohd Roslan Mohd Tahir, advised the public not to be easily swayed by such investment schemes that promise quick and high returns. "Be cautious and do not rush into any investment without doing your due diligence," he warned.
FAQs
- What is the penalty for falling prey to online investment scams?
The penalty for falling prey to online investment scams can lead to imprisonment, caning, and a fine upon conviction. - What is the maximum fine for mule accounts involved in online investment scams?
The maximum fine for mule accounts involved in online investment scams is RM100,000, and imprisonment of up to seven years, or both. - How can I protect myself from online investment scams?
Be cautious and do not rush into any investment without doing your due diligence. Always research the investment and the company thoroughly before making any decisions.