KUALA LUMPUR: Police have raised the alarm over a scam using the name of a United Kingdom-based investment company, which has already duped almost RM15 million from Malaysians.
Bukit Aman's Commercial Crime Investigation Department said the scam, using the name of Pantheon Ventures, a legitimate UK investment firm, has already duped 25 people, including retirees and civil servants.
Department director Datuk Seri Ramli Yoosuf said the scammers, using social media platforms including Facebook and Instagram, would offer investment schemes based on the Malaysian, Chinese and Taiwanese stock markets.
"Checks showed that they would offer returns of between 8 and 23 per cent a week. Interested investors would be included in a 'Pantheon Ventures' WhatsApp group and given a briefing on the stock market they could enter.
"To begin, investors would be asked to transfer funds to several bank accounts, suspected of being mule accounts.
"Investors would also be asked to download either the 'Nexus Equity' or 'Neeq' app to monitor their investments. The app would show the investor reaping in profits.
"However, when investors try to withdraw the profits, the 'company' would give numerous excuses," he said in a statement today.
Ramli said checks also showed that Pantheon Ventures is a legitimate UK-based investment company established in 1982.
"However, the company has no relation to the supposed 'Pantheon Ventures' investment scheme being offered through social media," he said.
Ramli said since July 2024, police have opened 35 investigation papers on the investment scheme, with losses from investors totaling RM14,959,416.76.
The victims, he said, comprised six pensioners, four entrepreneurs, one housewife, 19 private sector workers including a bank officer, as well as five civil servants including two lecturers.
He said police have identified 22 bank accounts used in the scheme. The case is being investigated under Section 420 of the Penal Code for cheating.
Ramli urged victims to lodge a police report which would assist further investigations.
He cautioned the public to be wary and to conduct thorough checks before entering any investments schemes, especially those which offer unrealistic returns.
On Tuesday, police announced that they had smashed another scam ring, this time using the name of New York-based private equity firm Warburg Pincus to dupe people. (Link: https://www.nst.com.my/news/crime-courts/2024/08/1091027/syndicate-using...)
The syndicate had cheated 44 victims of RM21.93 million.
Police had launched raids in Selangor, Kuala Lumpur, Johor, Perak, Kedah, Sabah and Sarawak on July 30 and 31 in connection with the case, with five men and five women, all Malaysians, arrested.