Kuala lumpur: A retiree lost RM525,000 after being deceived by a syndicate operating a non-existent cryptocurrency investment. District police chief ACP Azli Mohd Noor stated that on May 23, the 71-year-old man encountered a cryptocurrency investment advertisement on Facebook.

According to BERNAMA News Agency, the victim communicated with the suspect online and was lured into investing RM525,000 with the promise of receiving returns amounting to USD500,000. The victim proceeded to make seven transactions into the suspect's account, using his retirement savings, between August 20 and 27.

The case is currently under investigation under Section 420 of the Penal Code, as confirmed by ACP Azli Mohd Noor in a statement released today.