A businessman suffered losses amounting to RM1.25 million after allegedly falling victim to a cryptocurrency investment scam that began last year.
Perak police chief Datuk Mohd Alwi Zainal Abidin said the Commercial Crime Investigation Division of the Ipoh District Police Headquarters (IPD) received a report regarding the case on July 10 involving a 45-year-old local man.
He said initial investigations found that the victim was introduced to several individuals around January 2025 who offered cryptocurrency investment opportunities with promises of high returns.
“Several briefing sessions were conducted to convince the victim before he agreed to participate in the investment scheme,” he said in a statement on Thursday.
Mohd Alwi said the victim later carried out several digital asset transfers between March 28 and April 17, 2025, to digital wallets provided by the suspects.
However, the victim did not receive the promised returns and was also unable to withdraw the investment capital he had deposited.
Realising that he had been deceived, the victim then lodged a police report for further action.
The case is being investigated under Section 420 of the Penal Code for cheating.
Mohd Alwi advised the public to remain cautious when dealing with investment offers that promise unusually high profits or unrealistic guaranteed returns.
He also urged individuals to verify the background of companies, platforms and people offering investment opportunities, as well as seek advice from relevant authorities before making any decisions.
“Do not transfer money or digital assets to individuals or accounts whose legitimacy cannot be verified,” he said.
