Contractor duped out of RM144,781 in crypto investment scam

A 59-year-old contractor in Kuala Terengganu lost RM144,781.21 after being duped by a non-existent cryptocurrency investment scheme promising quick returns.

KUALA TERENGGANU: A construction contractor lost RM144,781.21 after being duped by a syndicate offering a non-existent cryptocurrency investment scheme.

District police chief ACP Azli Mohd Noor said the 59-year-old man was introduced to the investment scheme in early August by a woman who claimed to be Korean and whom he met on TikTok.

He said the woman had persuaded the victim to join the scheme, which promised lucrative returns within a short period.

“The victim, eager to make quick and easy profits, invested RM144,781.21 from his business savings. He made 14 transactions to 11 different bank accounts between Aug 4 and Sept 9.

“However, he became suspicious after he was unable to recover his investment or receive the promised returns. He also failed to contact the woman, known as Eun Pyun,” he said in a statement today.

Azli said the victim lodged a police report at 6.19 pm yesterday and the case was being investigated under Section 420 of the Penal Code.