Investment Scams

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

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Trader loses RM304,200 to online crypto scam

Posted By  Clayton Graves
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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
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  • 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

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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.

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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

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