Malaysian Loses RM1.45 Million in Pantheon Ventures Scam

A 44-year-old woman from Johor, Malaysia, has experienced a severe financial setback after being deceived by a fraudulent stock investment scheme. The scam, which was executed under the guise of a high-return investment opportunity, led to a total loss of RM1.45 million (around $331,500 USD).

According to Johor police chief CP M Kumar, the victim initially encountered the scam through a Facebook advertisement. The advertisement promoted a stock market investment scheme in Hong Kong, presented under the name “Pantheon Ventures.” The scheme offered a purported 100% profit return, with 25% allocated to agents and 75% to investors, making it an enticing prospect for the victim.

Following her interest in the investment, she was added to a WhatsApp group named “V-27 Pantheon Market Insight Academy.” This group provided her with regular updates and investment information and offered a complimentary trip to Hong Kong to meet other investors, which further enhanced the schemes appearance of legitimacy.

Encouraged by the promised high returns, the victim began making payments to several local bank accounts between June and August, totalling RM1.5 million. She was instructed to use an application called Apex to monitor her investment. Initially, the application showed profits, and she was able to withdraw some earnings, leading her to retain a balance of RM1.45 million for continued investment.

The situation changed when she attempted to withdraw her remaining funds. She faced multiple obstacles, including claims of investment arrears and allegations of non-compliance with the schemes rules. These issues were used as excuses to block her from accessing her funds. Eventually, she was cut off from the WhatsApp group, severing communication with the scammers.

Upon realizing the fraud, the victim filed a police report in Muar on Tuesday. The case is under investigation by Johor police and is being handled under Section 420 of the Penal Code, which addresses cheating and fraud.

Recent developments indicate that Malaysian authorities have initiated 35 investigation papers related to this scam since July, with reported losses totalling RM14,959,416.76 (approximately $3.4 million USD). This broad range of victims highlights the extensive reach of the scam. Read more here: https://www.wikifx.com/en/newsdetail/202408204024621834.html.

CP Kumar noted a growing concern over investment fraud in the region. From January to August of this year, Johor recorded 399 cases of investment fraud, with total losses reaching RM32.9 million. This represents a significant increase from the 327 cases and RM26 million in losses reported during the same period last year.

The police continue to issue warnings about the risks associated with online investment schemes and urge the public to exercise caution when engaging with unfamiliar investment opportunities.