Investment Scams

54-Year-Old Trader Falls Victim to Online Crypto Investment Scam

Our goal is to work towards the most concise TLDR of current crypto relative scams in the marketplace. So that you can skim it and rip it. Move on with your day and place crypto related things in crypto related places. This does mean we have AI helping out and possible causing SKYNET level chaos. But we also have humans looking at things. All Hail Roko's basilisk.
Post Views 313

Trader loses RM304,200 to online crypto scam

Posted By  Clayton Graves
These are the top 5 hardware wallets that we have reviewed!

Trader Loses RM304,200 to Online Cryptocurrency Scam

Introduction

A 54-year-old trader in Kulai has fallen victim to an online cryptocurrency investment scam, losing RM304,200. The scam, which promised quick profits, involved the victim being instructed to download an application and register an account. The case is currently under investigation by the Kulai Police Station under Section 420 of the Penal Code.


Summary of facts
After we complete our TLDR summary of this article, we trigger an AI to check what our author wrote against what is factually mentioned in the article. The we ask it to score the  AI's confidence that this 'fact' is indeed 'true'. 

  • Defendant: Unidentified scammers
  • Crime: Online cryptocurrency investment scam
  • Amount Defrauded: RM304,200
  • Method: Advertisement on Facebook, phone explanation, downloading an app, and registering an account
  • Sentence: Investigation ongoing, no sentence yet
  • Additional Penalties: N/A
  • Investigating Agency/Agencies: Kulai Police Station
  • Plea: N/A
  • Prosecutor's Statement: N/A

How We Work

All products recommended by CryptoScamWatch.com are selected by our editorial team. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Breakdown of the Timeline for this alleged scam:

In October of last year, the victim encountered an advertisement on Facebook promoting a cryptocurrency investment opportunity. After contacting the suspect and receiving an explanation over the phone, the victim was instructed to download an app and register an account. From March to May, the victim transferred a total of RM304,200 to different accounts under the suspect's direction. Upon realizing that the promised profits were not materializing and being unable to contact the suspect, the victim filed a police report on June 18, 2024. The case is now being investigated under Section 420 of the Penal Code.

Legal Implications:
The investigation under Section 420 of the Penal Code indicates potential charges of cheating and dishonestly inducing delivery of property. If the suspect is apprehended and found guilty, they could face significant legal consequences, including imprisonment and fines. This case highlights the risks associated with online investment schemes and the importance of legal oversight in preventing such frauds.
Summary:

A 54-year-old trader from Kulai has lost RM304,200 to an online cryptocurrency investment scam. The scam was initiated through an advertisement on Facebook, which led the victim to contact the suspect and follow instructions to download an application and register an account. Over several months, the victim transferred funds to different accounts, hoping for promised profits that never materialized. Unable to contact the suspect, the victim reported the scam to the Kulai Police Station. The case is now being investigated under Section 420 of the Penal Code, highlighting the serious legal implications for the perpetrator and the need for caution in online investments.

These are the top hardware wallets that we have reviewed!
Entity Related Search Terms
Victim RM304,200 scam victim, Kulai trader crypto scam
Superintendent Tan Seng Lee Tan Seng Lee investigation, Kulai police chief
Kulai Police Station Kulai police crypto scam, Section 420 investigation
Online Cryptocurrency Investment Scam crypto investment fraud, online crypto scam, Facebook investment scam
Section 420 of the Penal Code Section 420 cheating, Penal Code 420, fraud investigation Malaysia
Reference Source: [1] https://www.nst.com.my/news/crime-courts/2024/06/1065938/trader-loses-rm304200-online-crypto-scam

Happy to Provide useful information.

recieve crypto

We provide all research and information based on the time we have available. If you feel that this information has helped you pick or avoid a thing - and you would like to share the love then these are the tokens that AI has recommended as being 'in high fluidity'

However we require nothing - and will continue to find these scams as they appear.

Of course, cash is king, and buying stuff is awesome.

Only send tokens to this address on Ethereum Mainnet (ETH)

Address:

0x098B28d1721d645fA406e8734c037c7D1FD70daD

Only send tokens to this address on Bitcoin Mainnet (BTC)
Address:
bc1qdu5rpel9hjr5rgzg4x3k6946gy6ay9eynjs0l5
Only send tokens to this address on BNB Smart Chain (LTC)
Address
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on BNB Smart Chain (USDC)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on Ethereum Mainnet Tether (USDT)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on BNB Smart Chain (BNB)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on Solana Mainnet Beta (SOL)
Address:
b6QRUrVdP8Q3Vtcp7fcrx5s7WTemZVDsz9L5PTXkbMw
Only send tokens to this address on BNB Smart Chain (DOGE)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on Solana Mainnet Beta (ADA)
Address:
b6QRUrVdP8Q3Vtcp7fcrx5s7WTemZVDsz9L5PTXkbMw
Only send tokens to this address on BNB Smart Chain (DOT)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
If you have found errors, unfold and provide some feedback please. and thankyou
Page Error Report
Get the latest news on crypto scams delivered to your inbox
Crypto Scamwatch Subscription Form
These are the top hardware wallets that we have reviewed!
These are the top hardware wallets that we have reviewed!
Visit our FacebookVisit our InstagramVisit our Twitter
Copyright © 2024 Crypto Scam Watch

How We Work

All products recommended by CryptoScamWatch.com are selected by our editorial team. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram