BAGAN SERAI - A man suffered a loss of RM870,000 while seeking profits after falling victim to a fraudulent investment scam involving a non-existent cryptocurrency.

Perak police chief Datuk Seri Mohd Yusri Hassan Basri said Kerian district police Commercial Crimes Investigation Department received a report from a 54-year-old businessman at 11.15pm, yesterday.

"The victim was contacted by a woman through WhatsApp on June 24 and proceeded to invest by transferring money in the form of cryptocurrency.

"Initially, the victim earned profits of RM1,000 after investing RM5,000, and he received his investment along with the promised interest," he stated in a statement, today.

Yusri said the suspect then convinced the victim to make larger investments to gain higher returns.

"Influenced by this, the victim made multiple transactions to three bank accounts, totaling RM870,000, with the promise of a return of RM1.5 million.

"When the victim requested a withdrawal, various reasons were given, and the victim was required to pay a processing fee equal to 30 per cent of the withdrawal amount," he added.

Yusri said the investigation is being carried under Section 420 of the Penal Code.

"The public are advised to invest only in platforms registered with Bank Negara Malaysia and the Malaysian Securities Commission.

"Avoid being tempted by investments promising high returns in a short period, unless they are received through official financial advice from certified agents," he advised.