GEORGE TOWN, June 1 — An IT consultant has lost nearly RM1.5 million after falling victim to an online cryptocurrency investment scam syndicate known as ‘Crypto Kakaue’.

Penang police chief Datuk Azizee Ismail said the victim, a 63-year-old man, lodged a report at the Commercial Crime Investigation Division of the Southwest district police headquarters on Saturday.

He said in a statement that the victim was drawn into the scheme after coming across a cryptocurrency investment advert on Facebook in December 2023.

“The victim then clicked the link in the advertisement before contacting the suspect via WhatsApp,” he said, adding that the suspect offered an investment scheme involving the…