Former Director Loses 5.75 Million MYR in Pantheon Ventures Investment Scam

A 63-year-old former company director from Malaysia has tragically fallen victim to an overseas investment scam, resulting in the loss of his life savings, totalling 5.75 million MYR (approximately 1.325 million USD). This alarming incident highlights the growing threat of investment frauds, particularly those perpetrated through online platforms.

Bukit Aman Commercial Crime Investigation Department (CCID) Director Dato' Seri Naim shared details of the case during a press conference, revealing that the Kuala Lumpur police received the victim's report on the 15th of this month. The victim recounted that his ordeal began in May of this year when he encountered an investment advertisement on Facebook. The advertisement was from a company named PANTHEON VENTURES, which promised high returns in the stock market. Attracted by the prospect of substantial profits, the former director decided to participate in the investment scheme.

Following his initial interest, the victim was added to a WhatsApp group, which was set up to provide further details about the investment opportunity. Naim disclosed that the scammers, posing as representatives of the fraudulent company, instructed the victim to transfer his funds in multiple transactions. Over time, the victim made 26 separate transactions, cumulatively transferring 5.75 million MYR into various corporate bank accounts controlled by the fraudsters.

Despite the significant financial commitment, the victim never received any returns on his investment. As time passed, he began to realize that he had been deceived, leading him to report the incident to the police. The case has since been classified under Section 420 of the Penal Code, which pertains to cheating and fraud.

Naim further emphasized the broader issue of investment scams in Malaysia, noting that the police have recorded 97 such cases since July of this year alone. The total financial losses from these scams have reached a staggering 41.01 million MYR, a figure that Naim described as deeply concerning. He stressed the importance of public awareness and caution when encountering investment opportunities, particularly those that promise unusually high returns.

Naim also offered practical advice to the public, urging individuals not to trust online advertisements related to investments blindly. He recommended that potential investors verify the legitimacy and approval of any investment schemes with relevant authorities, such as Bank Negara Malaysia. Additionally, he encouraged the public to stay informed about the latest commercial crime tactics by following updates on the police's social media platforms. This, he suggested, would enhance vigilance and help prevent others from falling prey to similar scams.

This case serves as a stark reminder of the dangers posed by online investment frauds and underscores the need for continuous public education and vigilance in financial matters.