InstaForex

October 26, 2021

Lecturer Mastermind of Crypto Fraud Scheme, 50 IPT Students Lose RM200,000!

 "Expect pheasants, pheasants eat rice" - perhaps that is an appropriate saying to describe the situation of more than 50 students of higher learning institutes in Kota Bharu who were deceived by advertisements for crypto -rich quick investment schemes.


Even more unfortunate, the scam was masterminded by one of their own lecturers.


What happen?


It is said that the misfortune of the students was due to an advertisement uploaded by a lecturer in the Whatsapp group chat room last June.


The ‘investment’ of the cryptocurrency promised by the individual guarantees a profit of over 1% per day and 30% per month.



Kelantan Police Chief, Datuk Shafien Mamat revealed that a total of 21 reports were received on October 18 until yesterday.


The recorded loss was close to RM900,000. This means that each victim loses at least RM140 to RM200,000 per person!


To make matters worse, each of them uses the savings and loans of the National Higher Education Fund Corporation (PTPTN), owes money, mortgages, and makes loans of family money, and friends.


The case is being investigated under Section 420 of the Penal Code and according to Shafien, three investigation papers have been opened in relation to the investment.


It is highly recommended for investors who are new to crypto investing not to believe too early in third parties (individuals) who are intermediaries, again who promise high profits.


Make sure the investment made is based on the right and legitimate channels.