JJPTR FOUNDER, TWO OTHERS REMANDED FOR THREE DAYS
They are being investigated for cheating
THE mastermind behind a controversial foreign exchange trading scheme, which reportedly has more than 30,000 investors, were among three people remanded yesterday.
JJ Poor To Rich (JJPTR) scheme founder Johnson Lee, along with his right-hand man and personal assistant, were remanded for three days after they were picked up in Petaling Jaya yesterday.
Federal police Commercial Crimes Department (CCID) director Datuk Acryl Sani Abdullah Sani said the three men, aged between 28 and 29, were detained for investigations into the dubious scheme, which was established two years ago.
The three men were produced at the magistrate’s court in Klang about 2.30pm yesterday, where they were brought before Magistrate Nik Nur Amalina Mat Zaidan, who granted the threeday remand.
After about twenty minutes at the court, the men, clad in shorts and T-shirts, were whisked away in a police car.
Acryl Sani said to date, two investigation papers were opened from five reports lodged by former investors.
“Following investigations and a series of raids conducted to cripple the scheme, a team from CCID picked up the three men from a public place in Petaling Jaya at 4.30am,” he said.
The team also seized a Honda Accord, five mobile phones, documents relating to the JJPTR investments, cheque books, bank cards and RM20,936, said Acryl Sani.
Lawyer G. Jaya Prem said his clients were being held to facilitate investigations into one case of fraud involving losses amounting to RM56,400.
The men, he said, are being investigated under Section 420 of the Penal Code for cheating, which was filed by a complainant in Klang.
On Saturday, 15 employees and four investors were picked up from eight different locations, including offices and homes, which police believed were used by the syndicate as its operating premises in Penang.
The raid by the police was conducted with enforcement teams from Bank Negara Malaysia, the National Revenue Recovery Enforcement Team, Inland Revenue Board and Companies Commission of Malaysia.
Penang-based JJPTR came under fire recently after investors complained that they did not receive their scheduled monthly payment.
Police’s early investigation revealed that the company claimed that the investment was a foreign exchange-based business.
It was reported that the company’s founder, Lee, had claimed that the company’s accounts were hacked, resulting in losses of US$400 million (RM1.73 billion).
Lee had also announced a new plan to the investors, promising to return all of the money investors had put into JJPTR’s previous schemes within five years.
The plan also included a new scheme with an increased return of 35 per cent.
An event was organised with Gerakan to return money to 100 disabled investors.
In February, the scheme was flagged by the Philippines’ Securities and Exchange Commission, which revealed that JJPTR was not a registered entity, while Bank Negara Malaysia listed JJPTR, JJ Poor To Rich and JJ Global Network on its Financial Consumer Alert.
Police officers escorting the three suspects involved in the JJ Poor To Rich scheme at the magistrate’s court in Klang yesterday.