KUCHING: A private retiree thought he had found the perfect online investment — instead, he ended up losing RM1.2 million to a slick cryptocurrency scam that vanished as quickly as it appeared.
The ordeal began in mid-March this year when the man in his 70s, came across an advertisement for a crypto investment on social media.
Convinced by the promise of high profits, he reached out to the person behind the ad, who later added him to a WhatsApp group called ‘(A-3) AI Intelligence Future Forum’ — believed to be run by the suspect’s accomplices.
Sarawak Police Commissioner Datuk Mohamad Zainal Abdullah said the victim was later persuaded to invest through a website known as Bacxn Exchange via www.bacxn.com.
“Believing the investment to be legitimate, he made several transactions in stages, transferring a total of RM1.2 million into multiple bank accounts provided by the suspect.
“It was only when he attempted to withdraw his “profits” from the Bacxn Exchange account that he realised something was wrong — his withdrawals had failed,” he said.
Realising he had been duped, the man lodged a police report and the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
In light of this, Zainal advised the public not to be easily swayed by online investment schemes, especially those promoted through social media or messaging apps.
“Always verify the legitimacy of investment platforms and companies before transferring any money,” he said.
Investment verification can also be done through the Investment Checker app or the Securities Commission website at https://www.sc.com.my/investment-checker, while phone numbers and bank accounts can be checked via the Check Scammers CCID app or portal http://semakmule.rmp.gov.my.
Members of the public are urged to check the list of unauthorised or unlicensed entities through www.bnm.gov.my or contact BNMTELELINK at 1-300-88-5465 (Bank Negara Malaysia), and www.sc.com.my or 03-6204 8999 (Securities Commission Malaysia).
Those with information on commercial crime activities can contact the Sarawak CCID via hotline 011-62890089.
