How did the victim lose over RM5 million in an investment scam?

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Victim Lost Over RM5 Million in Cryptocurrency Investment Scam

A woman in her 60s incurred a loss exceeding RM5 million due to a fraudulent cryptocurrency investment platform named “ElfTV”. The scam involved initial displays of profit to build trust before the victim was instructed to transfer funds into syndicate-controlled bank accounts, ultimately preventing withdrawal and blocking platform access. The Securities Commission Malaysia has since confirmed that ElfTV is an unregistered and illegal investment entity.
Introduction Through Social Media and Investment Group

The victim, a professional, was initially introduced to the “ElfTV” cryptocurrency investment platform via Facebook. She was also part of an online investment group identified as “AB4 Trend Navigation,” which served as the conduit for her engagement with the fraudulent scheme.
Transaction Timeline and Total Loss

The scam unfolded between July and August 2025, with the victim making an initial investment of RM10,000 in July. Subsequent transactions over the following month led to a total recorded loss amounting to RM5,030,970.
Syndicate's Method of Deception

The syndicate employed a common tactic of displaying fabricated initial profits within the “ElfTV” system to instill confidence in the victim. Once trust was established, victims were directed to transfer their funds into local bank accounts that were under the syndicate's control.
Failed Withdrawal and Platform Blockade

Upon attempting to withdraw both her initial capital and the purported profits generated on the platform, the victim encountered a failed transaction. Subsequently, her access to the “ElfTV” platform was completely blocked, signifying the culmination of the fraudulent activity.

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How did the victim lose over RM5 million in an investment scam?

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