JJPTR closes Butterworth branch

BUTTERWORTH: The troubled high-yield investment scheme company, JJ Poor to Rich (JJPTR), is believed to have shutdown its operations in the state.
A JJPTR branch here named JJ 006 closed down on Thursday evening. The branch initially stopped operating on Monday (April 24) since the problems faced by the company surfaced last weekend.
Although JJPTR founder Johnson Lee said he planned to hold a press conference soon, he has yet to make an announcement to that effect.
It was reported yesterday that police would commence investigations into the controversial scheme following a report made in Johor.
"The police have only received one report on the matter and will investigate the case under Section 420 of the Penal Code for cheating," said Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Acryl Sani Abdullah Sani.
The company running the scheme ran into trouble after it claimed its trading account had been hacked, resulting in losses of US$50 million (RM218.26 million).
There are also reports over social media claiming the losses could amount to USD400 million (RM1,75 billion).
The high-yield investment scheme, popularly known as "money game", was established in 2015 and accepted investments from as low as US$25 (RM109.15) and promised returns as high as 20% a month.