Bukit Aman commercial crime investigation department director Ramli Yoosuf said 97 police reports have been lodged so far, with some victims losing millions.

“Investigations have revealed that the minimum amount required to participate in this scheme is RM50,000 and this has resulted in substantial losses for victims.

“The highest individual loss recorded was RM5.75 million,” he said in a press conference today.

Ramli said one of the victims – a 63-year-old company director – filed a report on Aug 15 after being cheated of RM5.75 million.

“He had come across the investment opportunity on Facebook in May and was later added to a WhatsApp group linked to ‘Pantheon Ventures’.

“He made 26 separate payments to different companies, totalling RM5.75 million. However, he has yet to receive any promised returns,” he said.

The case is being investigated under Section 420 of the Penal Code for cheating.

Separately, Ramli said a new phone scam has been detected, deceiving victims by offering an investment scheme supposedly organised by major banks.

“In a case reported to the police on Aug 27, an 85-year-old housewife was duped into transferring more than RM1.3 million after receiving a call from an individual posing as a bank officer.

“The scammer offered her a fixed deposit investment with a 4.8% annual interest rate,” he said.

He said the victim, convinced by the offer, was instructed to move all her funds into two bank accounts under her name.

The case is also under investigation for cheating.

Ramli said that phone scammers frequently impersonate officials from banks, the police, and even the courts to intimidate their victims.

“To pressure the victim, the call is often transferred from one ‘agency’ to another, supposedly for further investigation. This is a classic scam tactic,” he said.

He said legitimate government agencies do not transfer calls between agencies without proper cause.