Press Digest - Victims of 'JJ Poor To Rich' scheme urged to make police report

BANK NEGARA Malaysia (BNM) urged victims of the troubled JJPTR (JJ Poor To Rich) to lodge reports with the police or BNM so that investigations can be carried out.
BNM assistant governor Abu Hassan Alshari Yahaya told Sin Chew Daily that once a report is made the relevant authorities can investigate JJPTR under the Criminal Procedure Code, Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 or the Central Bank of Malaysia Act 1958.
"If it (JJPTR) is involved in illegal deposit-taking or forex trading, then it (the case) is under the jurisdiction of BNM, and the victims can lodge reports with the central bank. Those involved in operating an investment scheme can be investigated or charged under the Central Bank of Malaysia Act 1958.
"If the victims feel that they were purely cheated by the investment company, the case can be investigated by police under the Criminal Procedure Code.
"Apart from BNM, police also have the power to freeze the bank accounts of companies suspected to be involved in cheating or money-laundering activities," said Abu Hassan.
He told the daily that BNM had, on its Feb 24 update, listed JJ Poor To Rich and two related companies – JJ Global Network and JJPTR – on its Financial Consumer Alert (FCA) list of companies and websites that were not authorised or approved under the laws and regulations administered by the central bank.
Abu Hassan pointed out that the three had registered with Suruhanjaya Syarikat Malaysia (SSM) as forex trading companies.
On the surface, they are legitimate companies but their activities might not be legitimate, he said, adding that they do not have licences issued by BNM.
JJPTR, which promises 20% monthly profits, was reported to have collapsed over the weekend after its accounts were hacked.
Confirming the matter on the JJPTR Facebook page, its 28-year-old founder Johnson Lee promised investors that the company would make a comeback.
On Tuesday, Lee met the company's state representatives at its Penang head office to discuss revival plans and agreed that the company would retain its name.