GEORGE TOWN: A handful of JJPTR money game “investors” are not aware that action can be taken against those involved in illegal financial schemes as announced by Bank Negara.
Some of them were also caught off guard when told that JJPTR – along with JJ Poor to Rich and JJ Global Network – were among the 288 entities and individuals listed on Bank Negara’s Financial Consumer Alert as of Feb 24.
An engineer, who wished to be known as Leon, looked bemused when told that Bank Negara would enforce the law against the perpetrators and promoters of such schemes.
“Really? I am here to check the latest on my downliners’ investment in JJPTR. The staff told me that it would take some time for them to process payouts for my friends who still haven’t recouped their principal.
“I am also here to check the latest plan as announced by the founder. It’s complicated,” he said when met at the JJPTR headquarters in Perak Road here yesterday.
On Thursday, Bank Negara said a joint enforcement action on financial fraud and scams would be carried out by an inter-agency initiative, led by the Attorney-General’s Chambers.
The initiative is under the National Coordination Committee to Counter Money Laundering, comprising Bank Negara, the A-G’s Chambers, the police, the Domestic Trade, Cooperatives and Consumerism Ministry, the Companies Commission, the Securities Commission and the Malaysian Anti-Corruption Commission.
Another investor, who declined to be named, said bread and butter issues were more important than following the latest crackdown on money game players.
“Many in the money game are low and middle-income earners who participate without knowing the consequences,” he said.
A staff member claimed that hundreds of potential investors – mostly old “members” – had turned up at the headquarters since Lee unveiled his new plan on May 1.
He also claimed that the company was in the midst of strengthening and modelling its system after another firm.
“Before that, we gave our members returns through forex trading. Now, we are using the ‘split system’, just like how the share markets work.
“We are also coming up with more physical products, just like what another company is doing. But nothing is concrete just yet. Our company’s top management is still working out a comprehensive plan.”