JOHOR BARU — A 63-year-old retired engineer in Johor has lost RM9.5 million in a cryptocurrency scam after being lured by an online ad promising high Bitcoin returns.

The victim, who first encountered the scam in July 2024, was directed to a WhatsApp group where two individuals convinced him to invest, claiming he could see up to 50 times his initial returns. He subsequently registered on a recommended app to track his investments.

Between October and December 2024, he made 29 transactions, sending funds to 11 different bank accounts. Initially told his investment had earned RM88 million, he tried to withdraw the funds but was asked to pay an additional RM800,000, realizing then that he had been scammed.

The case is under investigation for cheating under Section 420 of the Penal Code, which carries penalties of up to 10 years in prison, fines, or caning.