# Kuantan businessman loses RM218,000 in crypto scam

> A 65-year-old water filter business owner fell victim to a fake cryptocurrency investment scheme advertised on Facebook, losing over RM218,000 across 53 transactions.
- Title: Kuantan businessman loses RM218,000 in crypto scam | Shortify
- Summary: A 65-year-old water filter business owner fell victim to a fake cryptocurrency investment scheme advertised on Facebook, losing over RM218,000 across 53…
- Keywords: cryptocurrency scam, facebook fraud, kuantan, pahang, investment fraud, social media scam, uphold, luno, trust wallet, mxglobal, section 420 penal code, national scam response centre
- Source: Malay Mail — https://malaymail.com/news/malaysia/2026/09/17/kuantan-businessman-loses-rm218000-after-53-transactions-in-crypto-scam/235487
- Published: 2026-09-17T11:25:14+00:00
- Read time: 1 min
- Topics: cryptocurrency scam, facebook fraud, kuantan, pahang, investment fraud, social media scam, uphold, luno, trust wallet, mxglobal, section 420 penal code, national scam response centre
## Senior citizen loses RM218,000 to crypto scam
A 65-year-old Kuantan businessman lost RM218,239.24 after falling victim to a fake cryptocurrency investment scheme advertised on Facebook in July.
## Victim joins WhatsApp group, makes 53 transactions
After finding the offer on Facebook, the victim joined a WhatsApp group and was instructed to invest through the Uphold application, which displayed fake profits.
## Account frozen, victim asked for tax payment
On August 20, the victim's Uphold account was frozen and he was asked to pay RM30,000 as tax to unlock it, but he never received promised returns.

> the victim did not receive any returns as promised and was unable to withdraw the money
## Police investigate under fraud charges
Pahang police are investigating the case under Section 420 of the Penal Code, which covers fraud and dishonesty offences.
## Police warn public about high-return offers
Acting Pahang police chief Datuk Azry Akmar Ayob warned the public to be wary of investment offers promising high returns within short periods, especially via social media.
## Verify accounts using Semak Mule platform
Police advise checking account and telephone numbers through the Semak Mule platform before making financial transactions to verify legitimacy.
## Report scams to NSRC or police immediately
Victims should contact the National Scam Response Centre at 997 or file a police report if they suspect they have fallen victim to a scam.
## Key takeaway

Scammers use social media to lure victims into fake crypto investment schemes that promise high returns, freeze accounts, and demand additional fees to unlock funds.