Surabaya, East Java, Sept. 25 -- East Java police have uncovered an alleged online investment scam involving stocks and cryptocurrencies, with three suspects and losses of about 12.9 billion rupiah (US$720,000), police said.

East Java Police Chief Nanang Avianto said the case was uncovered following seven police reports filed by victims.

"The case is still under investigation. The number of victims and people involved in the network could still increase significantly," Nanang said here Thursday.

The alleged scam began when victims saw investment advertisements on social media, Nanang said.

Victims were then directed to WhatsApp groups offering lessons and trading activities involving stocks and cryptocurrencies.

They were promised re...