Bukit Aman commercial crime investigation department director Ramli Yoosuf said the man filed a police report on Thursday in Brickfields, Kuala Lumpur, and that investigations were ongoing.

He said the victim had come across an advertisement for the purported investment while doing a search on Google, Sinar Harian reported.

“The victim clicked on the link provided and was added to a WhatsApp group named ‘12 Gathering Stocks Into Gold,’ where he was introduced to the investment scheme by an individual who called himself ‘Professor Stanley Lim’.

“Lured by promises of high returns, the victim downloaded the UVKXE app to begin investing,” Ramli told a press conference at Menara KPJ today.

He said that between Oct 17 and Dec 24 last year, the man transferred RM26.6 million to nine bank accounts registered under various companies.

He said the victim checked his investment account in January and was happy when it showed he had gained profits of up to 269.247 million USDT in cryptocurrency (about RM1.2 billion).

“However, when he tried to withdraw the funds, he was instructed to make an additional payment of RM5.56 million, allegedly for tax purposes,” Ramli said.

Ramli added that five bank accounts used in this case were also linked to 38 other fraud cases under investigation.

“So far, 46 police reports have been filed related to the UVKXE investment scam, with total losses amounting to RM61.4 million,” he said.