Police said the victims include six retirees, four business owners, a housewife, 19 private sector employees, including a bank officer, and five civil servants, as well as two lecturers.

Bukit Aman commercial crime investigation department director Ramli Yoosuf said that the “Pantheon Ventures” scheme falsely claims to offer investments tied to the stock markets of Malaysia, Taiwan, and China.

It promised returns of 8% to 23%, with supposed weekly profits. Interested investors are invited to join a WhatsApp group named “Pantheon Ventures”, where they receive guidance on the stock markets they are supposedly investing in.

“To start investing, investors are asked to transfer money to several company accounts suspected to be mule accounts. Ramli said 22 bank accounts, registered under various companies and businesses, have been identified as being utilised in this fraudulent scheme.

The investors are also instructed to download the “Nexus Equity” or “neeq” app to monitor their investments, he said. The app allows investors to see their investments generating profits, but when they attempt to withdraw their earnings, the company makes numerous excuses, he explained.

Investigations revealed that Pantheon Ventures is a legitimate investment company based in the United Kingdom, established in 1982, but it has no connection whatsoever to the “Pantheon Ventures” scheme being promoted on social media.

Anyone who has fallen victim to the scam is urged to come forward and file a police report.