KUALA LUMPUR: Police are on the hunt for seven more members of a syndicate that misused the name of a world-renowned investment company to deceive victims, resulting in losses of nearly RM33 million.
Bukit Aman Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said the syndicate had fraudulently used the name of Pantheon Ventures, a legitimate UK-based investment firm established in 1982.
“This investment fraud syndicate conducts its operations entirely online, using the name of a top investment company to mislead victims.
“A total of 20 bank accounts, including those of seven companies, 12 businesses, and one private account, were found to have been used by this fraud syndicate,” he said during a press conference at Menara KPJ, today.
He said that 17 syndicate members, including a local woman, aged between 23 and 52, were arrested previously, and 66 investigation papers have been opened since last January.
According to Ramli, the syndicate had used social media platforms like Facebook and WhatsApp to advertise their schemes and communicate with victims.
“The syndicate promotes its investment schemes on Facebook, utilising the platform’s algorithm to maximise reach, offering daily profits ranging from six to 400 per cent, depending on the selected package.
“Victims are assured that their investments are guaranteed with guidance from a ‘cikgu trader’ who claims to be an expert in capital market analysis,” he said.
Raml said that for investment purposes, victims were instructed to deposit money into specific accounts belonging to a company, business, or individual.
“They were also told to download the APEX and NEEQ applications via the App Store and Google Play, but ultimately did not receive any promised profits,” he said, adding that the case was being investigated under Section 420 of hte Penal Code.
