Retired Teacher Loses RM1.2mil in EPF Savings to Cryptocurrency Scam

ALOR GAJAH, Malaysia: A 70-year-old retired teacher from Alor Gajah has fallen victim to a cryptocurrency investment scam, losing a staggering RM1.2 million of her hard-earned Employees’ Provident Fund (EPF) savings. The scam unfolded when the teacher joined a social media group that lured her in with promises of high returns on her investment. The victim, who had kept her EPF savings in the bank since retiring, was enticed by the prospect of multiplying her money by 30 times in the cryptocurrency-related venture. This led her to withdraw all her EPF savings and pour them into the fraudulent scheme, only to realize later that she had become a victim of a scam.

The retired teacher proceeded to deposit a total of RM1.2 million between Nov 14 and Dec 12 over 29 transactions involving eight separate bank accounts, as instructed by the scammers. She was assured that she would be able to withdraw her investment once it had grown into a substantial amount within a specific time frame. However, she soon discovered that she was unable to access her account, leading her to realize the deceit she had fallen prey to.

In response to her ordeal, the victim filed a police report on Thursday, Jan 18. Currently, an investigation is underway under Section 420 of the Penal Code for cheating. This unfortunate incident serves as a cautionary tale about the risks associated with cryptocurrency investment and the potential for financial fraud. It is a stark reminder for individuals to exercise caution and conduct thorough research before making any investment decisions, especially in the increasingly complex and often unregulated cryptocurrency market. As technological advancements continue to shape the financial landscape, it is crucial for individuals to stay informed and vigilant to protect their hard-earned savings from falling into the hands of fraudsters.