Action can only be taken against dubious MLM firms registered under ministry


  • Nation
  • Wednesday, 26 Apr 2017

PUTRAJAYA: The Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) can only take action against errant multi-level marketing (MLM) companies which are registered under its ministry.

Minister Datuk Seri Hamzah Zainuddin (pic) said this in a press conference at the headquarters here on Wednesday, while addressing concerns about Penang-based money game firm JJPTR.

Hamzah said if any MLM company registered with the ministry was found guilty of flouting the laws of the country, the ministry could take action against them.

"But if it involves a private dealer, it's better to bring the matter to the police as it is considered a civil case," he said.

Hamzah also advised the public to be wary about any investment schemes claiming to offer "20% monthly returns" to investors, as there was "no such thing".

JJPTR came into the spotlight after claiming its accounts had been hacked, resulting in potential losses of a whopping RM500mil.

The initials of JJPTR not only represent Jie Jiu Pu Tong Ren in Chinese (salvation for the common people) but are also linked to one of its associate companies, JJ Poor to Rich.

The Star reported that tens of thousands of investors from all over the world, including Canada, the United States and China, stood to lose RM500mil in the reported collapse of JJPTR, said to be one of the country’s biggest money game operators.

JJPTR, JJ Poor to Rich and JJ Global Network are the three forex trading entities listed on the website, www.jjptr.com.

The companies are among 288 entities and individuals listed on Bank Negara’s Financial Consumer Alert as of Feb 24.

JJ Poor To Rich, JJ Global Network Sdn Bhd and JJ Global N Pte Ltd were also listed on the Monetary Authority of Singapore’s Investor Alert List since Aug 15 last year.

In the Philippines, its Securities and Exchange Commission advised the public to stop investing and to take necessary precautions in dealing with JJPTR.

 

 

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