Trader loses almost RM187,000 in bitcoin scam

Bloomberg filepix for illustration purpose only

Bloomberg filepix for illustration purpose only

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KUANTAN (Oct 26): A trader has claimed he lost RM186,923, after being duped in a bitcoin investment introduced by a friend he met on social media.

Pahang Commercial Crime Investigation Department (CCID) chief Supt Mohd Wazir Mohd Yusof said the 31-year-old victim claimed he got to know the suspect via Instagram in May this year and often saw him uploading photographs on cryptocurrency trading.

"The suspect also shared a website on the investment before the victim made his first investment of RM2,100 in June. In total, the victim made 10 transactions amounting to RM186,923 within two months before asking to withdraw from the scheme as he had not received any returns from the investment,” he said in a statement on Tuesday.

Mohd Wazir said the scammer, however, told the victim that the returns could only be withdrawn three months after the maturity date.

"Since September, the victim could not contact the suspect and the emails sent to the investment website administration went unanswered. He decided to lodge a police report yesterday,” he said.