Cops probe JJPTR after Taiwanese man lodges police report

GEORGE TOWN: Penang police have opened an investigation paper (IP) on collapsed high yield investment scheme JJPTR after a Taiwanese man lodged a police report on Tuesday.

The man, who represented 50 other investors of the failed scheme, had lodged the report at the Dang Wangi police district headquarters in Kuala Lumpur.

Northeast district deputy police chief Supt V. Saravanan said the IP was opened when the case was referred here after the report was lodged.

"The case has been classified for cheating under the Penal Code," he told theSun.

The scheme, also known as "money game" promised returns of up to 20% a month for investors who put their money in.

It collapsed after the company claimed its trading account was hacked resulting in losses of RM500 million.

Authorities subsequently raided JJPTR offices nationwide on May 12 seizing several documents and computers.

Investigators also found that a whopping RM1.7 billion has been collected since the scheme started a few years ago.

Police then detained JJPTR founder Johnson Lee and two of his aides on May 16 at Petaling Jaya.

The trio were released on police bail after their remand order expired but were rearrested and taken to Penang for remand.

They were then taken to Taiping, Perak, and were released on police bail on May 23 after their remanded expired.

The whereabouts of Lee are currently unknown.