Post by : Shakul
In a shocking incident, a 63-year-old IT consultant from Penang has lost approximately RM1.5 million to an elaborate cryptocurrency scam that lured investors with the promise of high returns via a counterfeit trading app named “Kakaue.” This incident underscores the increasing risks posed by online fraudsters targeting individuals through social media platforms.
As reported by police, the consultant became intrigued by a cryptocurrency advertisement on Facebook in December 2023. Deceived into thinking the scheme was legitimate, he interacted with individuals who claimed to represent a supposed investment company.
The scammers then introduced him to a trading program primarily based on USDT transactions. They bolstered his trust by inviting him to a WhatsApp group where members boasted about their successful investments and impressive profits.
To carry on, the victim was directed to download the “Kakaue” application, which misleadingly displayed impressive account balances and investment growth. Believing in the app's authenticity, he continued to invest increasing sums over time.
Between March and September 2024, the consultant transferred a total of RM1,494,410 across nine transactions to six different bank accounts provided by the fraudsters. During this period, the app consistently showed positive returns, misleading the victim into thinking his investments were thriving.
Trouble surfaced when the victim sought to withdraw his profits and initial investments. Despite numerous efforts, he found himself unable to access the displayed funds. The platform blocked his withdrawal attempts, and communication with those behind the scam grew increasingly evasive.
Upon realizing he had been scammed, the victim lodged a complaint with the police's Commercial Crime Investigation Division. Investigations are currently underway focusing on cheating and financial fraud. Authorities are urging the public to be vigilant when engaging with online investment schemes that appear too good to be true and require funds to be transferred to multiple accounts.
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