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Falling into Bitcoin fraud trap, migrant workers lose more than 60,000 yuan

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Another Bitcoin investment fraud case! A 49 -year-old local man who worked as a technician in a Singapore company believed in an online Bitcoin investment advertisement, thinking that he could get a quick and generous return, but he lost his savings of RM63,900 instead .

Assistant Commissioner Rabu, the head of the Johor Bahru South Police District, issued a statement today saying that the man saw an advertisement about Bitcoin investment on Facebook and was very interested in it. He contacted a person in charge and was subsequently added to an investment group on WhatsApp .

" Within the group, the man received guidance on investments and was promised substantial returns. " believed that investment could quickly bring him a high return , so he transferred his savings of RM63,900 to the scammers. He mentioned that the man made six transfers totaling RM63,900 to five different bank accounts between October 16 and December 2 last year . " When he tried to withdraw the funds, he was told he would need to pay additional fees as part of the withdrawal process. " He said the man realized he had been duped and called the police . Rabu said the police are investigating under Section 420 (fraud) of the Penal Code, and those found guilty could face up to 10 years' imprisonment and caning, and could also be fined.