KUCHING: A bistro owner has found himself facing a staggering loss of RM370,000 after falling victim to a cryptocurrency investment scam that started in October 2021.
The unfortunate incident began when the man in his late 40s, was introduced to a cryptocurrency investment named ‘Sat Coin’ by an acquaintance.
The suspect had presented two investment packages of USD10,000 and USD30,000 and assured the victim of a fixed monthly profit of 10 per cent, with the capital promised to be returned within a year.
Sarawak Police Commissioner Datuk Mancha Ata said the victim, who was intrigued by the enticing offer, proceeded to transfer a substantial sum of RM370,000 between October 2021 to April 2022.
“The amount was distributed across 16 transactions through the ‘Binance’ app as well as into three different bank accounts belonging to the suspect and an undisclosed company.
“After that, the suspect provided the victim with an ID account for a website called ‘Restart’ to enable him to monitor the investment.
“However, the situation took a turn in May 2022 when the victim realised that he had been deceived after attempts to access the website proved futile and his account had been blocked,” he said.
To make matters worse, the suspect vanished and all attempts to contact the suspect was unsuccessful.
The man reported the incident to the police last Friday (Jan 26) and the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
In light of this, Mancha urged the public to exercise caution and invest only through legitimate and registered platforms sanctioned by Bank Negara Malaysia and the Malaysian Securities Commission.
He also advised the public to seek financial advice exclusively from registered agents when considering investments.
