KUALA LUMPUR: Crypto Investment Fraud: Police received eight reports of fraud linked to a non-existent crypto investment scheme called “Kakaue” that was advertised on Facebook. The total loss amounts to RM 3.5 million.
Datuk Seri Ramli Mohamed Yoosuf, the Bukit Aman Commercial Crime Investigation Department Director said the police are investigating 22 bank accounts registered under various company and business names used as mule accounts by the syndicate behind the crypto investment scheme.
Legal Professional Scammed: RM1.3 Million Loss
Police received a report from a 57-year-old lawyer on Wednesday. He claimed to have lost RM1.3 million after being tricked into joining the investment scheme.
“Around December 2023, the victim, attracted by an advertisement on Facebook, was subsequently contacted via WhatsApp by several individuals claiming to be representatives from Kakaue Exchange (USA),” he told a press conference in Kuala Lumpur.
“After registering through the website www.kakauesr.com, the victim made staggered money transfers to 14 different company accounts, totalling RM1,339,918. Through the platform, the victim could see his investment generating profits,” he added.
However, the victim became suspicious after he failed to withdraw the profits he had claimed to have made and discovered that the three cryptocurrencies he had purchased through the platform were not offered by other cryptocurrency exchanges.
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Crypto Investment Fraud: False Profits and Non-Existent Cryptocurrencies
Ramli also said that another police report was received in Dungun from a 53-year-old man who claimed to be the victim of a cryptocurrency investment scam.
The victim, who is a manager at an oil exploration company, was attracted to investing in crypto after seeing an advertisement on social media and being added to a WhatsApp group in December 2023.
“In March 2023, the victim was introduced to crypto investments and opened an investment account with Baorul Exchange, allegedly based in the United States, starting with a deposit of USD 1,500. He was then asked to increase the deposit to USD 200,000 to begin trading.
“At the end of April 2024, the victim attempted to withdraw his profits but was blocked, being told that his investment would be upgraded to VIP Bronze User status and that additional payments were required for this purpose,” he said.
The victim transferred money to several bank accounts of different companies, totalling RM3.9 million, Ramli said.