MIRI: A retiree has suffered a devastating loss of RM500,000 after being persuaded by a woman to invest in cryptocurrencies.
The victim, in his 60s, encountered a woman named ‘Xin Alice Yu’ from Australia on LinkedIn in March this year. This encounter led to a significant financial setback.
Sarawak Police Commissioner Datuk Mohd Azman Ahmad Sapri said as their interactions progressed, ‘Xin’ began convincing the victim to invest in USDT ‘digital currency’ options, including cryptocurrencies like Bitcoin and Ethereum.
The suspect, posing as a supposed knowledgeable mentor, provided guidance to the victim through WhatsApp.
“Eager to explore this newfound investment opportunity, the victim registered and set up an account on a website provided by the suspect.
“Throughout his investment journey, the victim was instructed to contact the website’s customer service to facilitate the transfer of digital funds into the investment account, which he did diligently.
“Over the course of April to July, the victim transferred a total of RM500,000 via 19 transactions into nine bank accounts, all under the assumption that they were fuelling his digital currency investments,” he said.
It was only when the victim attempted to withdraw funds from his digital currency account that the harsh reality of the scam became apparent.
Mohd Azman stated that ‘Xin’ also demanded the victim to make additional payments, which includes taxes and withdrawal fees.
The victim reported the incident to the police on Friday (Sept 15) and the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
If convicted, the offence carries a penalty of up to 10 years in prison, caning and fine.
