KUCHING, Jan 31: A retiree in her 70s from Kuching, who had worked in a bank, lost her life savings of RM800,000 in a ‘digital coin’ investment scam promoted on Facebook. Sarawak Commissioner of Police Dato Mancha Ata revealed that the incident transpired when the septuagenarian was attracted to a purported investment scheme managed by a company called Accerx in Hong Kong in September last year. “She clicked on a link before her mobile number was automatically added to an ‘X-4 Beacon Of The Stock Market’ WhatsApp group, where she commenced dealing with an unknown woman claiming to be a representative of the company. “She was briefed about the cryptocurrency investment with promise of 20 to 30 times profits when the cryptocurrency price increased in the future,” Mancha said in a statement today. Several months later, the victim agreed to purchase some coins in USD value in stages, each with different names and prices, while being assured that their value would surge after being floated. The suspect also provided an ID to the victim to enable access to a website (www.accerxq.com) for investment activities and profit monitoring. “The victim performed four payment transactions totalling about RM800,000 through online, cash deposit machines and over-the-counter transactions to two bank accounts associated with unknown companies in January. “These payments purportedly served various purposes including, verification fees, handling fees and others,” Mancha added. The woman only realised she had fallen victim to a scam when she failed to withdraw the purported profit of about USD5 million. To compound the situation, the suspect demanded the victim pay a tax of RM1.2 million if she wished to withdraw both the investment and profit. Subsequently, the victim reported the incident to the police to trigger an investigation. Mancha said that the case is being pursued under Section 420 of the Penal Code, pertaining to cheating and dishonestly inducing the delivery of property. If convicted, the offender could face imprisonment for up to 10 years, whipping, and fines. — DayakDaily