Elderly Malaysian Businessman Duped into Cryptocurrency Scam, Losing $5.87 Million in WhatsApp-Led Scheme

Scam Scheme Deceives Victim of Millions in Malaysia

A 74-year-old Malaysian businessman, who holds the title 'Datuk', lost a significant RM26.65 million (approximately US$5.87 million) after being lured into a fraudulent cryptocurrency investment scheme.

He was introduced to the scheme through the UVKXE app, which appeared legitimate after a simple Google search, leading him to believe it was a genuine opportunity.

The victim, a director of a construction company, was ultimately deceived by the scam.

How the Scam Began

The man was added to a WhatsApp group after initially finding the investment opportunity online.

A self-proclaimed expert, identifying himself as Professor Stanley Lim, began providing him with guidance on how to invest.

Following the instructions, the Datuk made multiple transactions to bank accounts linked to various companies.

He was completely unaware that the transactions were leading him down a path to financial ruin.

The Startling Discovery of Fraud

The investor's alarm bells only rang when he tried to withdraw an impressive amount of USDT—269,247,546.68, which is roughly RM1.2 billion.

Upon trying to access the funds from his mobile investment app, he realised that something was wrong.

His attempts to withdraw were unsuccessful, leading him to check the legitimacy of the platform.

It was at this point that he discovered he had been scammed.

Police Findings Reveal Widespread Fraud

Police investigations later uncovered a deeper network of deception tied to the scam.

Five of the bank accounts involved in the Datuk’s case were connected to at least 38 other fraud cases.

This added to the gravity of the situation, as more victims were identified within the same scheme.

Growing Number of Victims

Authorities reported that 46 cases have been filed regarding the UVKXE investment scheme, with total losses exceeding RM61 million (approximately US$13.42 million).

Despite heightened media coverage of the scam, more people continue to fall prey to the same fraudulent tactics.

Datuk Seri Ramli Mohamed Yoosuf, director of the Federal Commercial Crime Investigation Department (CCID) said,

"It is unfortunate that despite recent media coverage about this scheme, people are still falling victim to the syndicate."

A Response to Combat Online Fraud

In light of the rising number of scams in Malaysia, an entrepreneur, recognising the vulnerability of the public, has created an AI chatbot designed to safeguard individuals from falling victim to online investment fraud.

The app aims to offer a safer platform for those looking to invest, allowing them to access legitimate investment advice and services.

Warnings for the Public

Datuk Seri Ramli Mohamed Yoosuf has called on the public to avoid engaging in questionable online investment schemes.

He encouraged people to consult official bodies such as the Securities Commission and Bank Negara Malaysia (BNM) for proper guidance on legitimate investment practices.