"There are a lot of scammers in Malaysia, so don't be fooled so easily."
Malaysia was shocked by the news regarding the police receiving eight fraud reports involving a non-existent cryptocurrency investment scheme called "Kakaue" advertised on the social media platform Facebook.
After the victims suffered a total loss of RM3.5 million, Bukit Aman Commercial Crime Investigation Department Director Datuk Seri Ramli Mohamed Yoosuf said 22 bank accounts registered under various firm and business names are currently being investigated.
Reportedly, a 57-year-old lawyer lost RM1.3 million after a victim who was attracted by an advertisement on Facebook around December 2023 was contacted via WhatsApp by several individuals who introduced themselves as representatives of Kakaue Exchange (USA).
After registering through the website www.kakauesr.com, the victim made a gradual transfer of money to 14 different firm accounts amounting to RM1,339,918 then he could see his investment generating profits.
Despite this, the victim became suspicious after failing to cash out the profits he should have earned and found that the three cryptos he bought through the platform were not offered by other crypto exchanges.
A police report was also received in Dungun from a 53-year-old man who was a manager at an oil exploration firm who became interested in crypto investment after seeing an advertisement on social media in December 2023.
The victim who was introduced to crypto investment in March 2023 opened an investment account with Baorul Exchange based in the United States (US) then deposited $1,500, but was asked to increase the deposit to $200,000 to start trading.
At the end of April 2024, the victim who tried to withdraw his profit was blocked and told that his investment would be upgraded to VIP Bronze User status, however an additional payment was required for that purpose.
Ramli said the victim transferred money to various bank accounts belonging to different firms with the amount transferred reaching RM3.9 million.
