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Company director loses RM7 million to Yoamex crypto scam

26 Oct 2023 04:44pm
For illustration purpose
For illustration purpose
KUALA LUMPUR - A company director suffered losses amounting to RM7.1 million after falling victim to a cryptocurrency investment scam in July.

Bukit Aman Commercial Crime Investigation Department (JSJK) director Datuk Seri Ramli Mohamed Yusoof said the 52-year-old victim was defrauded after joining an online stock market-related class that promised lucrative returns.

He said the victim was then advised to venture into cryptocurrency investment using the ‘Yoamex’ platform and opened an account in July to invest RM7.1 million.

Speaking at a JSJK media conference today, he said the investment website showed the victim’s account generating a profit of up to USD13.7 million (RM65.58 million).

"(However) The victim was then informed the investment could not be withdrawn because there was an ongoing investigation under money laundering and was instead asked to pay up another five per cent,” he said.
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Meanwhile, police also received a case involving a cryptocurrency investment scheme with a 75-year-old military retiree losing RM2.75 million through a crypto ad on Facebook in May.

In another case, a 19-year-old entrepreneur lost RM1.43 million to an investment advertised through Instagram on Oct 17. - BERNAMA

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