Kuala Lumpur: A company manager lost RM2.56 million after falling victim to a cryptocurrency investment scam known as UVKXE, which promised returns of between 10 and 50 per cent. Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf stated that the 42-year-old victim began investing in the scheme in July last year after encountering an advertisement on Facebook.

According to BERNAMA News Agency, the victim conducted 26 transactions to 14 different bank accounts for investment purposes. Despite observing profits in his investment account, he was asked to make further payments whenever he attempted to withdraw money, leading him to file a police report on February 7.

Ramli reported that the police have received 44 reports about the same investment scheme, with total losses surpassing RM33 million. He noted that the syndicate used advanced technology to mislead victims into believing they had made a profit.

The CCID director highlighted that nearly all reported cases involving cryptocurrency are scams, with investors being tricked by websites displaying false profits, some reaching tens of millions of ringgit. The case is being investigated under Section 420 of the Penal Code. Ramli urged anyone who participated in the investment scheme to cease payments to the company and immediately report to any police station.

He also advised the public to perform thorough checks before engaging in any investment scheme, particularly those offering excessively high profits. Ramli recommended obtaining more information from official sources such as the CCID Semakmule portal, Bank Negara Malaysia, and the Securities Commission before participating in any investment scheme.