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21 June 2024

Lawyers loses RM1.3 million defrauded by Krypto Kakaue syndicate



Lawyers lost RM1.3 million defrauded by Krypto Kakaue syndicate

Datuk Seri Ramli Mohamed Yoosuf said his party received a report from the 57-year-old man yesterday.

21/06/2024 

KUALA LUMPUR: A lawyer suffered a loss of RM1.3 million as a result of being deceived by an investment advertisement on social media advertised by a cryptocurrency syndicate known as Kakaue Exchange.

Summary of AI

A lawyer lost RM1.3 million as a result of being duped by a cryptocurrency syndicate, Kakaue Exchange, which was advertised on social media.

Victims are attracted by fake profits shown on investment platforms, but face various obstacles when they want to withdraw money. Also, the cryptocurrencies it buys are not offered by other crypto exchanges.

JSJK is investigating eight cases related to a total loss of RM3.5 million and 22 bank accounts of various companies. Victims of this investment scheme are asked to immediately file a police report, and the public is advised to refer to the Malaysian Securities Commission before making crypto investments.


Director of the Commercial Crime Investigation Department (JSJK) Datuk Seri Ramli Mohamed Yoosuf said his department received a report from the 57-year-old man yesterday.



"Through the investment platform, the victim can see his investment generating profit. However, when he wants to withdraw the profit, various reasons have been given by the syndicate.

"The complainant was also suspicious when he found that the three cryptocurrencies he bought through the platform were not offered by any other cryptocurrency exchanger ," he said.

He said this at a press conference at the JSJK Bukit Aman Office, at Menara KPJ on Friday.

He added that a total of eight cases have been detected related to this investment scheme involving a total loss value of RM3.5 million while 22 bank accounts of various companies are being investigated.

The case is being investigated under Section 420 of the Penal Code for being suspected of being a donkey for the syndicate.

In the meantime, he urges any individual who is a victim of this investment scheme to immediately come forward and make a police report at any police station so that a proper investigation can be carried out.

"As a preventive measure, people who are interested in investing in cryptocurrencies need to have knowledge and are advised to refer to the Malaysian Securities Commission (SC) for views and advice," he said.

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