Post by : Shakul

A Malaysian IT consultant has reportedly lost nearly RM1.5 million after falling victim to a sophisticated online cryptocurrency investment scam that promised lucrative returns through a fake trading platform known as “Kakaue.” The case highlights the growing threat posed by cybercriminals targeting investors through social media and messaging applications.

According to police, the victim, a 63-year-old IT consultant, became interested in the scheme after coming across a cryptocurrency investment advertisement on Facebook in December 2023. Believing the promotion to be legitimate, he clicked on the advertisement link and was later contacted by individuals claiming to represent an investment company.

The suspects allegedly introduced the victim to a cryptocurrency trading program centered around USDT transactions. To gain his confidence, they invited him to join a WhatsApp group where members regularly discussed investment opportunities and showcased what appeared to be successful trading results and substantial profits.

As part of the scheme, the victim was instructed to download and install an application called “Kakaue.” The app reportedly displayed investment growth and account balances, creating the impression that the investments were generating significant returns. Encouraged by the figures shown on the platform, the victim continued to invest larger amounts over time.

Between March and September 2024, the consultant made nine separate transfers to six different bank accounts linked to companies provided by the suspects. The total amount transferred reached RM1,494,410. Throughout the investment period, the application continued to display positive returns, convincing the victim that his funds were secure and growing.

However, problems emerged when the victim attempted to withdraw his profits and initial capital. Despite repeated attempts, he was unable to access the funds shown in the application. The platform allegedly blocked withdrawal requests, and communication with the individuals behind the scheme became increasingly difficult.

Realizing he had likely been deceived, the victim filed a police report with the Commercial Crime Investigation Division. Authorities have launched an investigation into the case under provisions related to cheating and financial fraud. Police are also reminding the public to exercise caution when dealing with online investment opportunities that promise unusually high returns and require transfers to multiple accounts.

#Asia News #Malaysia #Crime