A construction contractor in Kuala Terengganu lost more than RM144,780 after falling victim to a cryptocurrency investment scam, police reported.

According to Assistant Commissioner Azli Mohd Noor, the 59-year-old man was introduced to the fraudulent scheme in early August by a woman identifying herself as South Korean. The victim first encountered the woman, who goes by the name Eun Pyun, through a social media platform. She persuaded him to invest in a nonexistent cryptocurrency venture, promising substantial returns within a short timeframe.

Motivated by the prospect of quick profits, the contractor transferred RM144,781.21 from his business savings, making a total of 14 transactions to 11 different bank accounts between August 4 and September 9. However, suspicions arose when he neither received the promised returns nor was able to contact the woman again.

The victim filed a police report on Friday, prompting an investigation under Section 420 of the Penal Code, which covers cheating offenses. Authorities are currently probing the case.