NILAI: A man here has lost almost RM230,000 to an online cryptocurrency scam.

       Nilai OCPD Supt Abdul Malik Hasim said the victim, who is in his early 60s, was added to a Telegram group in October last year where he was encouraged to invest in cryptocurrency.

       "It was on a platform apparently based in Hong Kong and an individual identified as Teacher Zhang had promised potential investors high returns from their investments.

       "The victim then invested RM8,000 and was told that he made a profit of RM15,000," he said.

       Supt Abdul Malik said Teacher Zheng then asked the victim to increase his investment for higher returns.

       The victim then transferred RM228,000 via 13 transactions into nine different accounts.

       The victim eventually became suspicious about the investment as he could not withdraw his profits.

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       "Each time he tried to withdraw the money, he would be told that his account was being probed for money laundering activities.

       "Upon realising that he has been cheated, the victim lodged a report on Jan 26," he said.

       Supt Abdul Malik said the case was being investigated under Section 420 of the Penal Code for cheating.

       Offenders can be jailed between one and 10 years, fined and whipped upon conviction.

       He also advised the public to always check with Bank Negara or the relevant authorities before investing their money in any scheme.