WatchOutForScams
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[UPDATED] Police arrest 11 over RM7.25 million Gigamax crypto scam.
Police have arrested 11 people, including two women, for their alleged involvement in the Gigamax cryptocurrency investment scheme, which caused losses exceeding RM7.25 million. - NSTP/ASWADI ALIAS
KUALA LUMPUR: Police have arrested 11 individuals, including two women, in connection with the fraudulent Gigamax cryptocurrency investment scheme, which reportedly caused losses exceeding RM7.25 million.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said the arrests were made following a series of raids at Kuala Lumpur, Selangor, Pahang, Kelantan, Terengganu and Melaka on Nov 13.
These individuals involved the top management of the company involved, lecturers as well as those who were tasked with making crypto currency withdrawals," he said.
Ramli said based on police investigations, the alleged fraudsters, used the Gigamax platform which functioned as a broker for cryotocurrency investments and sales," he told reporters on Tuesday.
Investigations revealed that the platform was introduced in July 2022 by an academy involving a non-governmental organistion, he said, adding that the NGO offered education on blockchain and financial decentralization.
"Using their experience and knowledge in cryptocurrency, they managed to convice many people to invest," Ramli said adding that investors would use the platform to withdraw their profits daily.
Investors were also offered to join in an affiliate programme to motivate Gigamax users to attract more investors.
"Unfortunately, the platform only ran for about a year before it could no longer be accessed leaving investors unable to make further withdrawals.
"Following this, we received 101 report from investors until June 27," he said adding that the case was classified as fraud under Section 420 of the Penal Code.
Ramli advised those who want to make cryptocurrency investments to conduct detailed checks prior to parting with their money.
People need to know the characteristics of investments scams, he said, adding that in most cases they use personal and company bank accounts to receive investments.
Ramli said they also offer high returns on investment with minimal risk to investors
#WatchOutForScams #EducateYourself #EDUCATIONL_POST
KUALA LUMPUR: Police have arrested 11 individuals, including two women, in connection with the fraudulent Gigamax cryptocurrency investment scheme, which reportedly caused losses exceeding RM7.25 million.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said the arrests were made following a series of raids at Kuala Lumpur, Selangor, Pahang, Kelantan, Terengganu and Melaka on Nov 13.
These individuals involved the top management of the company involved, lecturers as well as those who were tasked with making crypto currency withdrawals," he said.
Ramli said based on police investigations, the alleged fraudsters, used the Gigamax platform which functioned as a broker for cryotocurrency investments and sales," he told reporters on Tuesday.
Investigations revealed that the platform was introduced in July 2022 by an academy involving a non-governmental organistion, he said, adding that the NGO offered education on blockchain and financial decentralization.
"Using their experience and knowledge in cryptocurrency, they managed to convice many people to invest," Ramli said adding that investors would use the platform to withdraw their profits daily.
Investors were also offered to join in an affiliate programme to motivate Gigamax users to attract more investors.
"Unfortunately, the platform only ran for about a year before it could no longer be accessed leaving investors unable to make further withdrawals.
"Following this, we received 101 report from investors until June 27," he said adding that the case was classified as fraud under Section 420 of the Penal Code.
Ramli advised those who want to make cryptocurrency investments to conduct detailed checks prior to parting with their money.
People need to know the characteristics of investments scams, he said, adding that in most cases they use personal and company bank accounts to receive investments.
Ramli said they also offer high returns on investment with minimal risk to investors
#WatchOutForScams #EducateYourself #EDUCATIONL_POST
Beware_of _P2P_Scam_Alert_on_Binance: Don't Let Scammers Steal Your Crypto!
#P2PScamAwareness
🚨The Scam🚨:
Scammers are targeting Binance P2P users with a clever trick. They pose as buyers or sellers, offering attractive prices or promising high returns. But, their real intention is to steal your cryptocurrency or personal information.
👀 How Scammers Operate:
1. 👺 Fake Profiles: Scammers create fake profiles, often with stolen photos and information, to appear legitimate.
2. 💸 Too Good to Be True:They offer unusually high or low prices to lure you into a trade.
3. ⏰ Urgent Messages:Scammers create a sense of urgency, pushing you to make a quick decision.
4. 🚫 External Payments:They ask for payments or personal information outside of Binance's secure system.
🔴 Red Flags to Watch Out For:
- 🚫 Unverified or suspicious profiles
- 🤔 Unrealistic prices or promises
- 😬 Urgent or pushy behavior
- 🚫 Requests for external payments or personal information
💡Protect Yourself from P2P Scams💡:
1.👀 Verify Profiles:Check for verified badges and good reputation.
2. 💻 Use Binance's Secure System: Complete trades within the platform.
3.🤔 Be Cautious of Unrealistic Offers: If it sounds too good to be true, it probably is.
4.📲 Report Suspicious Activity:Inform Binance's customer support immediately.
5.🔒 Enable 2FA: Add an extra layer of security to your account.
6. 📊 Monitor Your Account: Regularly check your transaction history and account activity.
🙏 Stay Safe, Stay Informed!🙏
Don't let scammers get the best of you. Stay vigilant, and remember: if it's too good to be true, it's likely a scam. Trade safely on Binance P2P, and always prioritize your crypto security!
#ScamRiskWarning
#BinanceScamAlert
#Write2Earns
#WatchOutForScams
#P2PScamAwareness
🚨The Scam🚨:
Scammers are targeting Binance P2P users with a clever trick. They pose as buyers or sellers, offering attractive prices or promising high returns. But, their real intention is to steal your cryptocurrency or personal information.
👀 How Scammers Operate:
1. 👺 Fake Profiles: Scammers create fake profiles, often with stolen photos and information, to appear legitimate.
2. 💸 Too Good to Be True:They offer unusually high or low prices to lure you into a trade.
3. ⏰ Urgent Messages:Scammers create a sense of urgency, pushing you to make a quick decision.
4. 🚫 External Payments:They ask for payments or personal information outside of Binance's secure system.
🔴 Red Flags to Watch Out For:
- 🚫 Unverified or suspicious profiles
- 🤔 Unrealistic prices or promises
- 😬 Urgent or pushy behavior
- 🚫 Requests for external payments or personal information
💡Protect Yourself from P2P Scams💡:
1.👀 Verify Profiles:Check for verified badges and good reputation.
2. 💻 Use Binance's Secure System: Complete trades within the platform.
3.🤔 Be Cautious of Unrealistic Offers: If it sounds too good to be true, it probably is.
4.📲 Report Suspicious Activity:Inform Binance's customer support immediately.
5.🔒 Enable 2FA: Add an extra layer of security to your account.
6. 📊 Monitor Your Account: Regularly check your transaction history and account activity.
🙏 Stay Safe, Stay Informed!🙏
Don't let scammers get the best of you. Stay vigilant, and remember: if it's too good to be true, it's likely a scam. Trade safely on Binance P2P, and always prioritize your crypto security!
#ScamRiskWarning
#BinanceScamAlert
#Write2Earns
#WatchOutForScams