Bintulu man loses RM128,000 in cryptocurrency scam

Scam alert. — DayakDaily.com file pic // Photo: Pixabay

KUCHING, Jan 5: A man in his early 30s who is employed at a company in Bintulu, was duped out of RM128,000 after falling victim to a cryptocurrency investment scam.

Sarawak Commissioner of Police Dato Mancha Ata disclosed that the incident unfolded when the victim, introduced by a friend, invested to trade BTC and USDT cryptocurrency through a FSEX platform (https://www.5657.com/#/) in late September 2023.

“The victim was then contacted by several investment organisers, believed to be from overseas via WhatsApp, promising a daily return of five per cent based on its investment model.

“Subsequently, the victim carried out 11 online transactions totalling approximately RM133,000, transferring funds to three bank accounts under different company names between late September and early December last year,” he said in a statement today.

Throughout the investment period, the man only received returns amounting to around RM4,700.

It was only when he failed to withdraw funds from his e-wallet account through the FSEX platform that he realised he had been deceived, as the transaction was pending.

Additionally, his attempts to contact FSEX customer service were futile.

Confirming that the victim had filed a police report, Mancha emphasised that the case is being investigated under Section 420 of the Penal Code, which pertains to cheating and dishonestly inducing a person deceived to deliver any property to another.

Offences under this Section carries a mandatory minimum term of imprisonment for one year and not more than 10 years, together with mandatory whipping or with a fine, if found guilty. — DayakDaily