KUALA LUMPUR: Another investment scam syndicate has been detected using the name of a renowned firm in order to dupe victims of almost RM33 million.
Police have arrested 17 individuals believed to be connected to the case.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said they arrested 16 men and a woman aged between 23 and 52.
"We are now looking for six other men and a woman to help with further investigations.
"Since January this year, we have received 66 reports in connection with this investment scheme. The estimated losses from all these cases have reached RM32.97million," he told reporters on Tuesday.
He said the syndicate used the name "Pantheon Ventures" to dupe victims into believing that they were the renowned firm based in the United Kingdom since 1982.
"Based on our checks, we have detected 20 bank accounts involving seven companies, 12 businesses and one personal account linked to this case.
"Further checks revealed that the syndicate operated solely online since January this year."
Ramli said the syndicate used Facebook and WhatsApp in order to attract and communicate with victims.
"They used Facebook in order to achieve optimum results using the platform's algorithm system to reach the victims.
"They offered returns on investments of between six and 400 percent daily depending on the packages offered," he said, adding that they also convinced investors to join by offering "trainer traders", who were claimed to be experts to coach them.
He said the victims were instructed to make deposits to various bank accounts and download APEX and NEEQ mobile applications in order to track their investments.
"The victims, however, never saw any of the returns they were promised.
"During our raid recently, we seized 13 mobile phones, one laptop, six ATM (automated teller machine) cards, two company registration documents, a company stamp and bank account statement."