Bukit Aman commercial crime investigation department director Ramli Yoosuf said the syndicate 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.

“The syndicate was found to have used 20 bank accounts, including those of seven companies, 12 businesses and one private account,” he said in a press conference at Menara KPJ today.

Ramli said 17 syndicate members, aged between 23 and 52, were previously arrested, and 66 investigation papers had been opened since January.

He said the syndicate used Facebook and WhatsApp to advertise their schemes and communicate with victims.

“The syndicate promoted its investment schemes on Facebook, utilising the platform’s algorithm to maximise reach, offering daily profits ranging from 6% to 400%, depending on the selected package.

“Victims are assured that their investments are guaranteed with guidance from a ‘teacher trader’ who claims to be an expert in capital market analysis,” he said.

Ramli said victims were instructed to deposit money into specific accounts belonging to a company, business or individual for investment purposes.

“They were also told to download the APEX and NEEQ apps, but ultimately did not receive any promised profits,” he said, adding that the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing delivery of property.