Malaysian doctor loses RM529,200 in crypto scam — then gets hit again by fake “fund recovery” pitch

• A 67-year-old medical practitioner in Ipoh lost RM529,200 (~US$130,000) after first wiring money into a purported crypto investment and later paying a bogus “fund recovery” service, police said. 

• The victim transferred RM320,000 to multiple bank accounts registered under different company names, then could not withdraw “profits.”

• Perak police are investigating under Section 420 of the Penal Code and warned that scam tactics increasingly target older victims through social apps and “recovery” follow-ups. 

A Malaysian medical specialist has lost more than half a million ringgit after falling for a cryptocurrency investment pitch and then a second, follow-on con that promised to recover his money, according to local police.

Perak Police Chief Comm Datuk Noor Hisam Nordin said the Ipoh District Police Headquarters received a report on Jan 2 from a 67-year-old victim. Police said the first approach came in September 2025, when the man received an “investment” link via TikTok and was talked through how the scheme allegedly worked. 

The “profits” that never arrived — and the second trap

Investigators said the victim later made multiple transfers totaling RM320,000 (about US$78,000) into various bank accounts provided by the suspect — accounts that carried different company names — but eventually found he could not withdraw any returns. 

That’s where the scam morphed. Police said the victim then discovered a Facebook presence calling itself “International Justice Malaysia”, which claimed it could help fraud victims resolve cases. He was put in touch with an individual presenting as a lawyer, who requested additional payments to “start” the recovery process. The victim paid RM209,200 (about US$51,600) more — bringing total losses to RM529,200 — before realizing the “recovery” effort appeared to be another con. 

Police: investment scams are increasingly followed by “recovery” scams

The case is being investigated under Section 420 for cheating, police said, adding they are gathering information to identify and arrest suspects. 

Authorities also pointed to a broader pattern: once victims post online or look for help, scammers often circle back with “recovery services” designed to extract even more money. A separate case reported in June 2025 involved a 74-year-old retired doctor who allegedly lost over RM3.9 million after only realizing the deception years later, according to local reporting that cited the same police chief.