How did an RM10 million crypto scam target an elderly retiree?

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An Elderly Retiree Lost Over RM10 Million to a Cryptocurrency Scam

An 80-year-old retiree was defrauded of more than RM10 million through a cryptocurrency investment scam. The victim was initially drawn into the scheme after being added to a WhatsApp group where she was contacted by an individual who promised to facilitate cryptocurrency purchases. This individual instructed her to repay him after the transactions were completed, leading to a series of payments that ultimately amounted to RM10 million.
Recruitment Through Social Media and Deceptive Promises

The scam began when the retiree was added to a WhatsApp group that advertised a cryptocurrency investment opportunity. Within this group, she engaged with a perpetrator who presented himself as someone who would advance funds for cryptocurrency purchases. The scammer's tactic involved assuring the victim that she would need to repay him only after the investment transactions were successful, creating a false sense of security and encouraging her participation.
Multiple Payments Made to Various Companies

Following the initial engagement, the retiree made a total of 13 payments, amounting to RM10 million, into bank accounts registered under eight different companies. This significant sum was transferred based on the fraudulent promises made by the scammer, highlighting the extent of the deception. The use of multiple company accounts likely served to obscure the trail of the illicit funds.
Growing Suspicion and Reporting the Incident

The retiree's suspicion was aroused when she was asked to make further payments for what were presented as various necessary reasons. This escalation of demands, coupled with the initial success of the scammer in extracting a large sum, prompted her to question the legitimacy of the investment. Subsequently, a police report was filed, and the case is currently under investigation by the Commercial Crime Investigation Department (CCID) under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing delivery of property.

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How did an RM10 million crypto scam target an elderly retiree?

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