Ipoh, 16 September 2025 — A woman in her 60s has lost more than RM5 million after falling victim to a cryptocurrency investment scam operated through a social media platform, highlighting once again the growing sophistication of online fraud in Malaysia.
Perak police chief Comm Datuk Noor Hisam Nordin revealed in a statement on Monday night that the victim, described as a professional with stable income, had first encountered the scheme via Facebook, where she was invited to join an online investment group promoting cryptocurrency trading.
How the Scam Unfolded
According to investigators, the woman made her first transaction in July, investing RM10,000 through the platform. When her account displayed what appeared to be immediate profits, she was encouraged by group administrators and syndicate members to continue investing larger sums. Over the following weeks, she transferred increasing amounts of money, ultimately recording losses amounting to RM5,030,970 by August.
Police said the syndicate’s modus operandi relied on a common deception tactic: displaying fabricated profits on a digital dashboard to cultivate trust and lure investors into committing more funds. Once convinced, the victim was instructed to deposit money into multiple local bank accounts believed to be controlled by the scammers.
When she later attempted to withdraw her capital and purported profits, the platform failed to process her requests. Shortly after, her account access was blocked entirely.
Verification Revealed It Was a Fraudulent Platform
The victim eventually contacted the Securities Commission Malaysia (SC), which confirmed that the platform was unregistered and had already been flagged as an illegal investment entity. The case has since been classified under Section 420 of the Penal Code for cheating, which carries severe penalties for fraud.
Comm Noor Hisam urged the public to remain vigilant when approached with investment opportunities online, particularly those that promise unrealistically high returns within a short timeframe. He also warned against sharing personal or financial information with unknown parties, noting that such details could be exploited by organised crime syndicates.
Rising Threat of Crypto Scams
Cases such as this reflect a worrying rise in cryptocurrency-linked scams across Malaysia and the wider region. Fraudsters have been increasingly exploiting social media platforms and messaging groups to prey on retirees, professionals, and individuals with disposable income.
Financial regulators and police continue to remind the public that all legitimate investment platforms must be registered with the SC. Investors are encouraged to cross-check with the SC’s Investor Alert List before committing funds.
The police have not ruled out the possibility of international links in the syndicate, as many cryptocurrency scams often involve cross-border networks. Investigations into the bank accounts used are ongoing, and authorities are working to trace the flow of funds.
