PUTRAJAYA: If an offer is too good to be true, don’t take it up!
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainudin has warned the public to be wary of unlicensed financial schemes.
“If a company has cheated you before, and if you still want to believe in the company’s new offer ... well, that’s up to you.
“But please, my advice is, do not fall for it,” he said at a special briefing on dodgy money games and illegal investment schemes at his ministry here yesterday.
Hamzah also confirmed that investigations into the Penang-based JJPTR and individuals involved in the firm are ongoing, with the police in charge.
“As they are being investigated, please be wary of any offers from them,” he said.
JJPTR came under the spotlight when investors complained that they did not get their scheduled payment last month.
The firm’s founder Johnson Lee said his company lost RM500mil, claiming that its accounts were hacked.
Despite the uproar that ensued, Lee came up with a new scheme which offered a higher return of 35% a few days ago.
On top of that, it offered special lucky draws, with a new car, motorcycles and smartphones as prizes.
Lee, however, did not mention how he intends to address his company’s losses or refund investors who lost their money to the earlier scheme.
Hamzah said unlicensed investment schemes, interest schemes and direct selling companies are considered as major offences under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds from Unlawful Activities Act 2001 (AMLATFAPUAA 2001).
“At national level, Bank Negara Malaysia (BNM) has formed the National Coordinating Committee (NCC) to coordinate enforcement activities on offences under AMLATFAPUAA 2001,” Hamzah added.
The NCC consists of BNM, the police, the Domestic Trade, Cooperatives and Consumerism Ministry, the Companies Commission of Malaysia, the Securities Commission, the Malaysian Anti-Corruption Commission, and the Attorney-General’s Chambers.
Hamzah urged the public to work with the ministry in providing information on dubious money schemes.
“The people can call the ministry just before they surrender their money to such schemes as a precaution.
“We will be able to assist you and find out if the scheme is a fraud or not.”
He said the ministry’s complaint hotline is 1-800-88-6800.