KUALA LUMPUR: Police are actively investigating a large-scale investment scam operating under the guise of a legitimate foreign investment company, Pantheon Venture, which has reportedly caused losses exceeding RM41 million since July this year.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said 97 police reports have so far been lodged over the scam which attracted investors with promises of high returns.
He said the minimum investment required to participate in this scheme was around RM50,000, leading to substantial financial losses for individual victims.
"The highest recorded loss by a single victim is RM5.75 million," he said, adding that the victim, a 63-year-old company director, filed a police report in Kuala Lumpur on Aug 15.
Ramli said the victim recounted how he became involved in the scheme after coming across an advertisement on Facebook in May.
He said the victim, enticed by the prospect of lucrative returns, joined the investment group via WhatsApp and was instructed to make multiple payments into various bank accounts.
Over time, the victim made 26 transactions, transferring a total of RM5.75 million into different accounts linked to the fraudulent scheme.
The case is being investigated under the Penal Code for cheating and dishonestly inducing the delivery of property.
Ramli reiterated the dangers of online investment offers, particularly those made via social media platforms.
"Any investment offer on social media should be considered a scam. I repeat, any investment offer on social media must be regarded as fraudulent — no exceptions.
"If you want to invest, do so through recognised investment schemes regulated by authorities like the Securities Commission Malaysia or Bank Negara Malaysia," he said.
Ramli also noted the recent proliferation of fraudulent offers for initial public offerings (IPOs) on social media.
"IPOs are rare in Malaysia, and most of the IPO offers circulating on social media, especially those purportedly from overseas, are scams.
"Even if someone who seems religious vouches for an investment, there's no guarantee that it's legitimate.
"IPOs require a specific process, including the issuance of a prospectus, and anyone interested should verify the offer with the Securities Commission Malaysia."