Culled from NewsNav
In a significant development, a company director faced a staggering loss of RM11,130,123 due to his involvement in a cryptocurrency investment scheme known as ‘CCERX,’ which was actively promoted on Facebook in September of the previous year.
The gravity of this incident was highlighted by Datuk Rohaimi Md Isa, the deputy director (Investigation) of the Bukit Aman Commercial Crime Investigation Department (CCID). This particular case stands out as the largest recorded instance of cryptocurrency investment fraud.
The affected individual, a 60-year-old company director, took decisive action by filing a police report on January 30 at a police station in Sentul. Subsequently, the police initiated an investigation under Section 420 of the Penal Code.
Providing a broader context, Rohaimi disclosed that the police had been dealing with a surge in reports related to investment fraud since November of the previous year. A total of 124 reports were received from victims across the nation, collectively representing a staggering loss amounting to RM90,364,463.08.
In response to this alarming trend, law enforcement has identified 73 companies and 83 bank accounts associated with these fraudulent activities. Additionally, a singular individual bank account has been flagged as being instrumental in facilitating this widespread fraud.
Expressing concern over the situation, Rohaimi issued a warning to individuals still entangled in the ‘CCERX’ investment scheme.
He strongly urged them to immediately discontinue their involvement and, crucially, report their experiences to the police. Furthermore, he emphasized the importance of due diligence for those considering cryptocurrency transactions.
Prospective investors were advised to thoroughly verify the legitimacy of any service before committing to financial transactions in the realm of cryptocurrency.
This incident sheds light on the escalating challenges posed by fraudulent cryptocurrency schemes, prompting authorities to take proactive measures in safeguarding potential victims.
As the investigation unfolds, the hope is that these efforts will not only bring justice to those affected but also serve as a deterrent against future instances of crypto-related fraud.
In an evolving financial landscape, it becomes imperative for individuals to exercise caution and vigilance when engaging in cryptocurrency investments to protect themselves from such financial threats.
Evon Anak Jerim is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
