PETALING JAYA: A manager in her 40s who fell victim to a cryptocurrency investment scheme has shed light on the tactics employed by scammers to deceive potential investors.
Requesting anonymity, the victim said scammers spent weeks building “psychological control” over potential investors in a WhatsApp group by sharing seemingly authentic “real-time financial market information” and showcasing the purportedly substantial earnings of the group members.
The victim said that the scammers, including one who posed as a knowledgeable “teacher” conducting online investment lessons, presented convincing discussions in the WhatsApp group. The discussions, including tracking investments supposedly linked to the US financial markets, appeared genuine.
The “teacher” aligned his investment techniques with market discussions in the media, gaining the trust of potential victims. The scammers further enhanced their credibility by maintaining a legitimate-looking company website and a Facebook page complete with events and videos.
“This convinced potential investors that they have a presence here (in Malaysia),” the manager told FMT.
“Also, when you sign up, you must upload your address, identity card number and proof of residence. This allows the scammers to filter your background and mine your personal data.
“Some in the group even posted bank slips of their accounts at local financial institutions, which ran into millions of ringgit,” she said.
Unknown to the group, the “teacher” also strategically placed members in the WhatsApp group who praised him excessively for their “huge returns”.
The victim said these planted agents fostered a cult-like following around the “teacher” with exaggerated praises and “out of this world” adulation. They also encouraged other participants to invest in the cryptocurrency scheme, which initially allowed withdrawals.
Signs of trouble emerged when the group administrator, who spoke on behalf of the “teacher”, abruptly instructed all Malaysian account holders to withdraw their balances, citing a probe by the authorities.
This raised suspicion when account holders were asked to verify their balances by depositing high verification fees, for which they were promised a full refund upon completion.
“They assured us we would get the whole sum back once they verified (our balances). That was the end,” she said.
Suspecting that something was amiss, the victim texted the “teacher” and another member who previously claimed that he had made more than RM1 million through the investment scheme.
“They immediately threw me out of the group. Others who kept asking if the investment was a scam were also removed. I am exposing the modus operandi to the public so that no one gets duped by these syndicates anymore,” she said.
Recently, there have been several news reports about victims of fraudulent cryptocurrency investment schemes, including one on Jan 27 when a 80-year-old retiree lost over RM10 million.
Bukit Aman’s commercial crime investigation department director Ramli Yoosuf said based on the police report, the retiree entered the investment scheme after being added to a WhatsApp group that promoted it. - FMT
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