Elderly Woman Loses Over RM5 Million In Crypto Investment Scam

IPOH, Sept 15 (Bernama) -- A woman suffered losses of over RM5 million after being duped in an investment scam via an online platform.

Perak Police Chief Datuk Noor Hisam Nordin said the victim, a professional in her 60s, was deceived through a fraudulent cryptocurrency investment platform known as "ElfTV".

He said the victim was introduced to the platform through Facebook and an online investment group called "AB4 Trend Navigation".

“Initial investigations found the first transaction was made in July 2025 for RM10,000, while the last transaction was in August 2025. The total recorded loss amounted to RM5,030,970,” he said in a statement tonight.

According to him, the syndicate’s modus operandi was to convince victims by displaying initial profits in the system to gain their trust.

Noor Hisam said the victim was later instructed to transfer funds into several local bank accounts controlled by the syndicate but when she attempted to withdraw her capital and profits, the transaction failed and access to the platform was blocked.

“The victim eventually checked with the Securities Commission Malaysia, which confirmed the investment platform was unregistered and listed as an illegal investment entity,” he said, adding that the case is being investigated under Section 420 of the Penal Code for cheating.

He therefore advised the public to always be cautious of investment offers on social media that promise high returns in a short time, and to avoid disclosing personal information to unknown parties as it could be misused by criminals.

-- BERNAMA