A UNIVERSITY lecturer in Kuala Terengganu has lost nearly RM250,000 after being duped by a fraudulent online investment scheme, while in Ipoh, a professional woman in her sixties was cheated of over RM5 million in a separate cryptocurrency scam.
Kuala Terengganu District Police Chief, Assistant Commissioner Azli Mohd Noor, said the 56-year-old lecturer was at her university campus on 14 August when she received a WhatsApp message promoting an investment opportunity, along with a clickable link.
“She clicked the link accidentally, which led to three investment package options. She was then persuaded to choose the lowest-tier package worth RM300,” he said.
According to Azli, the victim was informed shortly after that her so-called investment had generated a profit of RM14,000. However, she was told that in order to withdraw the profits, further transactions were required.
“Between 20 August and 10 September, the victim transferred money to 18 different bank accounts as instructed by the suspects. She eventually lost a total of RM244,925,” he said.
The promised returns never materialised. Realising she had been deceived, the lecturer lodged a police report. Her losses were reportedly drawn from her Employees Provident Fund (EPF) savings and personal funds.
The case is now being investigated under Section 420 of the Penal Code for cheating.
In a separate case in Ipoh, Perak Police Chief Datuk Noor Hisam Nordin confirmed that a professional woman in her sixties had been swindled out of RM5,030,970 in a cryptocurrency investment scam involving a fictitious platform known as ELTFV.
“The victim was introduced to the platform via Facebook and an online investment group called AB4 Trend Navigation,” he said in a statement.
Initial investigations revealed that the victim’s first transaction of RM10,000 was made in July, followed by several subsequent transfers until August, resulting in total losses exceeding RM5 million.
The scam’s modus operandi involved convincing the victim by displaying fabricated early returns on the platform to gain her trust.
“She was then instructed to transfer funds to multiple local bank accounts controlled by the syndicate,” Noor Hisam explained.
However, when the victim attempted to withdraw her capital and the supposed profits, the transactions failed, and access to the investment platform was blocked.
Upon checking with the Securities Commission Malaysia, the victim was informed that ELTFV was not a registered entity and was listed as an unauthorised investment platform.
The case is also being investigated under Section 420 of the Penal Code, which carries a maximum jail term of 10 years, whipping, and a fine upon conviction. - September 16, 2025
