M'sia woman in her 60s lost over S$1.5 million to cryptocurrency investment scam

A Malaysian woman lost over RM5 million (S$1.5 million) to an online cryptocurrency investment scam.

Malaysian National News Agency Bernama reported that the victim is a professional in her 60s.

Facebook investment platform

She was deceived by 'ElfTV', which is a fraudulent cryptocurrency investment platform, according to Perak Police Chief Datuk Noor Hisam Nordin.

The chief said the victim was introduced to 'ElfTV' through Facebook and an online investment group 'AB4 Trend Navigation'.

He added in a statement on Sep. 15: "Initial investigations found the first transaction was made in July 2025 for RM10,000 (S$3046), while the last transaction was in August 2025. The total recorded loss amounted to RM5,030,970 (S$1,532,609)."

Victims' initial profits part of modus operandi

This was all part of the syndicate's modus operandi — to gain victims' trust by displaying initial profits in the system.

The 60-year-old victim was told to transfer funds into several local bank accounts controlled by the syndicate, according to the chief.

He added that when the victim tried to withdraw her capital and profits, the transaction failed and access to the platform was blocked.

Charges

The case is being investigated under Section 420 of the penal code for cheating, according to the chief.

He said: "The victim eventually checked with the Securities Commission Malaysia, which confirmed the investment platform was unregistered and listed as an illegal investment entity."

Police advice

He advised the public to be careful regarding investment offers on social media that promise high returns in a short time.

On top of that, the public should also avoid disclosing personal information to unknown parties, as criminals could misuse it.

Sin Chew Daily also reported that the police advised the public to check their bank account numbers and phone numbers through the official website before making any transactions.

Anyone who has information related to investment scams can contact the Commercial Crime Investigation Department Fraud Response Centre at 03-26101559 or 03-26101599.

They can also report it at the nearest police station.

Top photos via Canva