More than 50 university students in Kota Bharu, Kelantan lost more than RM200,000 after falling for a cryptocurrency scam— of which they each made investments between RM1,000 to more than RM10,000 after being promised up to 30% profit. 

The victims invested their own savings and even used their National Higher Education Fund Corporation (PTPTN) loans to fund their “investment". One of the victims claimed he was first introduced to the operation by one of his lecturers who was also the head operator of the scheme.

"I started depositing RM138 more than 10 times into five different accounts and the accumulated loss amounted to RM3,900. Unfortunately, I also asked my brother to invest RM2,800 because I believe the investment is profitable after seeing my account increase to more than RM9,000." He said. "However, on October 18th, my investment account could not be accessed and I and other friends realized we had been scammed before making a report at the Kota Bharu Police Station, last Thursday,".

Other victims also had similar stories— all of them failed to access their investment account after some time. According to the Kelantan Police Chief, Datuk Shafien Mamat, they have received a total of 21 reports relating to the cryptocurrency scam with a total loss of almost RM900,000. 

The case is being investigated according to Section 420 of the Penal Code (PC).