Police have arrested 11 individuals including two women in connection with the Gigamax cryptocurrency investment scam 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 in Kuala Lumpur, Selangor, Pahang, Kelantan, Terengganu and Melaka on November 13.
He said investigations revealed that the platform was introduced in July 2022 by an academy involving non-governmental organisations that offer education on blockchain and financial decentralisation.
Using their experience and knowledge in cryptocurrencies, they managed to convince many people to invest and withdraw their profits daily.
Investors were also offered to join an affiliate program to motivate Gigamax users to attract more investors.
Unfortunately, the platform only ran for about a year before it was no longer accessible, leaving investors unable to make further withdrawals.
Ramli advises those looking to invest in cryptocurrency to conduct thorough due diligence before investing their capital.
