Nilai police chief Abdul Malik Hasim said the victim, in his early 60s, claimed to have been added to a Telegram group by an individual last October and was encouraged to invest in the cryptocurrency via the ACCERX Hong Kong platform.

“The victim initially invested RM8,000 and made a profit of RM15,000.

“The man was then encouraged to increase his total investment to RM228,000 via 13 transactions to nine different accounts,” he said in a statement today.

According to Abdul Malik, the man realised he was a victim of a scam when he could not withdraw his investment and was told he was involved in money laundering activities.

He added that the victim then lodged a police report yesterday and that the case is being investigated under Section 420 of the Penal Code.