130 LOSE RM30M IN SCAM
Victims invested in scheme called ‘Bitkingdom’
EAGER to get rich quick, some 130 people reportedly lost RM30 million after getting involved in a cryptocurrency investment scheme over the past three years.
The victims not only lost their savings but, in some cases, had to sell off their houses and other assets, or turn to illegal moneylenders, to settle debts with financial institutions.
The Malaysian Muslim Consumers Association (PPIM) said all the victims had “invested” in a scheme called “Bitkingdom”.
PPIM chief activist Datuk Nadzim Johan said based on the association’s records, Bitkingdom had been cheating the victims since 2015.
“This is a new trend in cheating... these 130 victims have lodged complaints with PPIM.
“We advised them to lodge police reports, but we do not have laws to enable these conmen to be arrested as the laws we have now do not cover such schemes,” he said.
Nadzim said PPIM urged Bank Negara Malaysia (BNM) and CyberSecurity Malaysia to draw up laws that would tackle issues involving cryptocurrency.
“Right now, what we know is that BNM and CyberSecurity are monitoring websites involved in cryptocurrency investment but there is nothing else they can do,” Nadzim said.
PPIM legal bureau chairman Hishamuddin Hashim said the authorities should be “10 steps ahead” of such schemes.
“Fraudsters always come up with new ways to cheat people.
“With crytocurrency schemes, they have found a formula which negates the abilities of enforcement agencies in Malaysia as there are no laws to tackle such schemes. There are consumers who are not so informed about such schemes and need the help of the authorities to advise them and help them when they are cheated,” said Hishamuddin.