One more money game tottering on verge of collapse


  • Nation
  • Thursday, 18 May 2017

SUNGAI PETANI: Another money game scheme, Live Coin, is showing signs of collapse with some of its members having failed to receive their 20% fortnightly returns.

Two police reports have been lodged over the scheme which is be­­lieved to involve currency trading.

Live Coin set an entry price of RM390 per unit and investors were promised RM70 in returns every two weeks for that amount.

Kedah Commercial Crime Inves­tigation Department (CCID) chief Supt Chan Teck Paing said police would investigate the case as cheating.

“We received the reports on Tuesday. The investors are not hap­py after they did not receive the payouts as promised,” he said.

It is learnt that the two investors claimed they lost RM3,900 and RM10,000 each in the scheme which was introduced in November last year.

As of yesterday, a WeChat group created by the scheme’s operator was still active.

Meanwhile, several JJPTR investors who bought tickets to the company dinner at Berjaya Times Square in Kuala Lumpur on Satur­day are in a dilemma over whether to attend.

“I’m keen to go if the founder will be there because I want to know how he’s going to reimburse our capital. I have booked my flight but I don’t want to be hauled up by the police at the dinner,” said a Pe­­nangite who only wanted to be iden­tified as Chan, 50.

He said he bought two tickets at RM400 each for the vegetarian dinner and planned to take his wife.

He had attended the previous JJPTR dinner, at Equatorial Hotel here, in January.

Chan said that from his experience, the JJPTR dinner lucky draw would usually feature a grand prize of US$1,000 (RM4,400).

“No one would go back empty handed,” he said.

He said he heard that some investors had paid for the dinner but had yet to collect their tickets.

Another investor, who wanted to be known only as James, said he paid RM1,200 for three tickets early in the year when the company was doing well.

“I wanted to bring my family mem­­bers. We also booked hotel rooms but now we’re not sure of going. Even investors are being ques­tioned by police,” he said.

James said his family just put more money into the scheme on April 10. Nine days later, JJPTR ran into trouble.

JJPTR founder Johnson Lee and two key aides are under remand in Klang.

They were arrested four days after a task force investigating mo­­ney game schemes raided eight JJPTR premises in Penang on Friday.

Some investors still doggedly be­­lieve in Lee and JJPTR. One of them, Ng Jimmy, posted on his Facebook page that he would attend.

“We believe you are innocent and you are not a cheat. We in the JJ family will support you. The dinner will still go on,” he also wrote.

A check at three JJPTR offices – in Bayan Baru, Perak Road and Raja Uda – found them closed. The premises have been shuttered since Fri­­day.

Penang police chief Comm Datuk Wira Chuah Ghee Lye said state police had not received further ins­tructions from Bukit Aman but were prepared to assist.

State CCID chief Asst Comm Abdul Ghani Ahmad said no police reports have been lodged against the other money game schemes.

“But even without reports, all illegal investment schemes will be investigated,” he said.


Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 7
Cxense type: free
User access status: 3
   

Across The Star Online