Bitcoin Investment Scheme Scam: Elderly Woman Loses RM460,888
The Incident
JOHOR BAHRU: A 61-year-old accountant has fallen victim to a Bitcoin investment scheme, resulting in a loss of RM460,888.
The Story of the Victim
The elderly woman, a resident of Seri Alam, Johor, lodged a police report yesterday, claiming she was defrauded by a Bitcoin investment platform known as ‘PFOU,’ which she joined in July through a Facebook advertisement. The scheme promised lucrative returns, and she was convinced to invest, as she was nearing retirement.
The Investment Process
After clicking the link provided, she was added to a Bitcoin investment group, where she received explanations from several individuals about the scheme. They promised quick and substantial profits, and she was instructed to download an app called ‘UVKXE’ to monitor her investments and profits. She made three payments, totaling RM460,888, to two different bank accounts between December 30 and January 16.
The App and the Promise of Profits
The victim was able to view her investment transactions through the ‘UVKXE’ app, showing profits amounting to USDT1,219,907.6624, equivalent to RM5.5 million. However, when she wanted to withdraw the profits, she was instructed to pay RM550,152.35 as a management fee.
The Investigation
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a maximum prison sentence of 10 years, caning, and a fine upon conviction. The investigations will also cover the involvement of money 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 to the Public
Seri Alam District police chief, ACP Mohd Sohaimi Ishak, urged the public to stay alert to the rising threat of online scams and to steer clear of investment schemes that promise easy, quick, and substantial returns. He emphasized that such schemes are often fraudulent and can result in significant financial losses.
Conclusion
The incident serves as a reminder of the importance of being cautious when investing online. It is essential to be wary of schemes that promise unusually high returns and to always do thorough research before investing. The public should also be aware of the risks involved in online transactions and take necessary precautions to protect themselves from scams.
Frequently Asked Questions
Q: What is the Bitcoin investment scheme?
A: The scheme is a fraudulent investment platform that promises lucrative returns and lures victims into investing in Bitcoin.
Q: How did the victim get involved?
A: The victim joined the scheme through a Facebook advertisement and was convinced by the promises of quick and substantial profits.
Q: What happened to the victim’s investment?
A: The victim’s investment was used by the scammers, and she was left with a loss of RM460,888.
Q: What is being done to investigate the case?
A: The case is being investigated under Section 420 of the Penal Code for cheating and Section 424 of the Penal Code for money mule accounts.