# Kuantan Businessman Loses RM218,000 in Crypto Investment Scam

**Published:** 2026-09-17T13:47:56.600Z  
**Topic:** Crypto Scam  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/30e29ac4-aa61-4858-b8f6-3a482380b55a

A 65-year-old Kuantan businessman lost RM218,239 in a crypto investment scam after 53 transactions. Learn the warning signs and how to verify platforms.

A 65-year-old businessman in Kuantan has lost RM218,239.24 after falling victim to a fraudulent cryptocurrency investment scheme advertised on social media [1]. The case, now under investigation by Pahang police, highlights the risks associated with unauthorized investment platforms that promise high returns in short timeframes [1].

| At a glance | |
|---|---|
| Total Loss | RM218,239.24 |
| Transaction Count | 53 |
| Primary Platforms Used | Luno, Mxglobal, Trust Wallet |
| Reported Date | September 17, 2026 |

## The Mechanics of the Fraud
The victim, who operates a water filter business, initially encountered the investment offer on Facebook last July [1]. After joining a WhatsApp group, he was directed to use an application called "Uphold" to manage his investments [1]. The platform displayed artificial profit figures to entice further deposits, leading the victim to conduct 53 separate transactions through legitimate exchanges and wallets, including Luno, Mxglobal, and Trust Wallet, to fund the fraudulent account [1].

The scheme collapsed on August 20 when the victim’s Uphold account was suddenly frozen [1]. Operators of the scam demanded an additional payment of RM30,000, purportedly as a tax, to reactivate the account [1]. Despite the victim’s compliance with the initial investment instructions, he was unable to withdraw any funds or realize the promised returns [1].

## Regulatory Warnings and Recourse
Pahang police chief Datuk Azry Akmar Ayob has categorized the incident as a non-existent investment scam and is investigating under Section 420 of the Penal Code [1]. Authorities are emphasizing that investors should exercise extreme caution regarding any social media-based investment offers that guarantee high, rapid returns [1].

To mitigate the risk of similar incidents, officials advise the public to utilize the Semak Mule platform to verify the legitimacy of account and telephone numbers before initiating any financial transfers [1]. Individuals who suspect they have been targeted by such schemes are urged to contact the National Scam Response Centre (NSRC) at 997 or file a formal police report immediately [1].

## What to watch
*   **Platform Verification:** Monitor the Semak Mule database for any suspicious account numbers or contact details associated with unsolicited investment offers [1].
*   **Regulatory Guidance:** Watch for updated advisories from local law enforcement regarding emerging social media investment scams and new tactics used by fraudulent groups to mimic legitimate exchange interfaces [1].

The incident serves as a reminder of the persistent threat posed by "pig-butchering" style investment scams, where victims are lured through social media and messaging apps into transferring funds to fraudulent, controlled environments. As digital asset adoption grows, the gap between legitimate exchange security and the deceptive practices of non-existent investment platforms remains a primary concern for retail participants.

## Sources
1. Malay Mail — [Kuantan businessman loses RM218,000 after 53 transactions in crypto scam](https://www.malaymail.com/news/malaysia/2026/09/17/kuantan-businessman-loses-rm218000-after-53-transactions-in-crypto-scam/235487)
2. Crypto — [Crypto News: Bitcoin, Ethereum & XRP News | crypto.news](https://crypto.news/)
3. CoinDesk — [Latest Crypto News | CoinDesk](https://www.coindesk.com/latest-crypto-news)
4. Usa — [Learn where to report a scam | USAGov](https://www.usa.gov/where-report-scams)
5. Nst — [Water filter salesman loses over RM218,000 in Facebook crypto...](https://www.nst.com.my/news/regional/2026/09/1534605/water-filter-salesman-loses-over-rm218000-facebook-crypto-investment)
6. Binance — [Discover The Latest Crypto News & Feed From... | Binance Square](https://www.binance.com/en/square)
7. Thesun — [Senior citizen loses over RM200,000 in non-existent investment scam](https://thesun.my/news/malaysia-news/crime/senior-citizen-loses-over-rm200000-in-non-existent-investment-scam/)

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Cite as: TrendWatcher, "Kuantan Businessman Loses RM218,000 in Crypto Investment Scam", https://www.trendwatcher.in/article/30e29ac4-aa61-4858-b8f6-3a482380b55a