Why did the RM1.63m victim transfer money to six bank accounts?

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Victim Transferred Funds for Cryptocurrency Purchase via USD Conversion

The victim transferred RM1,630,000 to six bank accounts as part of a plan to purchase US dollars, which were then intended to be converted into cryptocurrency. This series of transactions occurred between October 18 and December 31, 2024, following the victim's engagement with a cryptocurrency investment advertisement found on Facebook. Ultimately, the victim received no returns on the promised investment.
Investment Lured Through Social Media Advertisement

The victim's initial contact with the fraudulent scheme began after being attracted to a cryptocurrency investment advertisement prominently displayed on Facebook. Subsequently, the victim made a phone call, leading to a suspect providing a link to join the purported investment scheme. This social media outreach served as the initial point of engagement for the scam.
Multi-Account Transfers for Currency Exchange

The funds were transferred online in 15 separate transactions, totalling RM1,630,000, to six distinct bank accounts. The stated purpose for these transfers was to acquire US dollars, which would then be converted into cryptocurrency. This method of currency exchange was part of the process outlined by the scheme's operators.
Absence of Promised Returns

Despite the substantial financial outlay and multiple transfers made over a period of approximately two and a half months, the victim did not receive any of the promised returns on the cryptocurrency investment. The lack of any returns, coupled with the inability to recoup the initial investment, prompted the victim to file a police report in Ampang Jaya.

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Why did the RM1.63m victim transfer money to six bank accounts?

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