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Tuesday, April 25, 2017

JJPTR promises to return money to investors in May

The reported collapse of the JJPTR scheme may cause “investors” ― including from Malaysia ― previously promised steady monthly 20 per cent dividends to collectively lose RM500 million.

JJPTR's founder Johnson Lee, whose Penang-based forex trading company claimed its accounts were hacked resulting in RM500 million losses, last Sunday reportedly urged “investors” to not lodge police reports as there was still money left in its accounts.

Penang Commercial Crimes Investigation Department chief Asst Comm Abdul Ghani said they have yet to receive police reports on JJPTR, but said it was normal for “investors” to wait up to a year before lodging police reports in the hope of getting back their money.

“Penangites are always interested in taking part in such investment schemes to make fast money. There are still two or three such scams active locally,” he was quoted saying by local daily The Star.

According to The Star, JJPTR's contributers are typically required to put in between US$25 and US$1,000 (RM110 and RM4,400) for promised monthly dividends of 20 per cent on the amount contributed.

JJPTR, a foreign exchange trading firm said to have been active for a year, and its affiliated JJ Poor to Rich and JJ Global Network were listed on February 24 on Bank Negara Malaysia's website as unauthorised and unapproved companies.

The central bank had on its website advised the public to not deal with or be involved in such illegal financial service providers, warning that they would not be covered by consumer protection laws and that they may even be charged for aiding the illegal operators.

According to local daily Sin Chew Daily, Internet users have cast doubt on the alleged hacking of JJPTR's purported MT4 accounts, noting that the MT4 forex trading platform is commonly used by other illegal forex trading firms and have caused the latter's “investors” massive losses.

The paper said online users have also pointed out that MT4 developer MetaQuotes Software Corp allegedly does not contain records and registration information on JJPTR.

Lee was reportedly said to have used social media app Whatsapp to inform JJPTR's contributing members that the hacked account only had US$10,000 left, with other assets meaning that the company currently has US$10 million.

He reportedly said the company was due to pay out dividends of US$8 million to its investors in the J2 category (which has promised returns of 16 per cent) but he will be using the funds to conduct forex trading first.

Yesterday afternoon, Lee posted a bilingual Facebook post, saying in Mandarin that the company will reveal its new plan soon and promised to return money in JJPTR 2 and JJPTR 3 to investors in May.

Sin Chew Daily said some online users had posted encouragement for Lee, while other users had accused him of lying and highlighted that the English version of Lee's post appears to have been translated using Google Translate.

In a separate report by Sin Chew Daily, police data showed that 47 per cent or RM276 million out of the RM579 million losses that Malaysians suffered from over the past two years resulted from illegal investment scams.

It said police believed the actual number of people defrauded may be larger, as many of them opt not to lodge police reports.

more ..............

Johnson Lee still in Penang

KUALA LUMPUR, Apr 25 (MySinchew) -- Southern University College executive governor Mok Chek Hou said the university authorities were in the process of investigating whether any student or teaching staff had been involved in the JJPTR investment scam.

He said the university board of directors would meet next Friday to discuss the investigation report before making a public announcement on this issue.

On whether the father of JJPTR founder Johnson Lee, who is the head of the university's Entrepreneurial, Incubation & Career Center (EICC), would go on leave or resign, Mok said he was still working as usual in Johor Bahru.

Mok said the university authorities had yet to receive any complaint on this matter from any student or teaching staff.

In another development, Southern University College Alumni Association issued an emergency notice on its Facebook page this afternoon that the association would adhere to its neutral stand on the JJPTR issue and that it would do everything to support the university's actions to upkeep the university's reputation as well as the students' interests.

A business faculty student who prefers to be anonymous said he had heard of the recruitment by illegal forex investment agency and he knew some of the students took part in the scheme.

Last night, JJPTR posted the sound recording of its founder Johnson Lee on its official WeChat and Facebook pages, in which Lee claimed that he was still in Malaysia and that the latest solution would be unveiled on May 1.

A JJPTR agent has said Lee is currently in Penang although his exact location is not known. Meanwhile, the JJPTR office on Jalan Perak reopened this afternoon to allow investor to settle some of the matters.

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