A retired teacher, aged 70, has fallen victim to a cryptocurrency investment scam, losing RM1.2mil of her Employees’ Provident Fund (EPF) savings. Alor Gajah OCPD Supt Arshad Abu disclosed that the victim became involved in a social media group offering high returns on investment, starting from Oct 30.
Caught in the promise of substantial gains, the victim decided to invest all her EPF savings, accumulated since her retirement, into the dubious cryptocurrency venture.
The victim made multiple transactions, totalling RM1.2mil, involving eight separate bank accounts between Nov 14 and Dec 12. Supt Arshad revealed that the victim was given the assurance of being able to withdraw her profits once the investment had matured substantially within a specific time frame.
However, the victim’s hopes were shattered when she realized that she had been deceived. Her access to the account was blocked, leaving her with no way to retrieve her funds.
Supt Arshad mentioned that the victim reported the incident to the police on Thursday (Jan 18), leading to an ongoing investigation under Section 420 of the Penal Code for cheating.
