Malaysian authorities crack down on virtual money operator, MBI Group International

https://youtu.be/zzn4zLtw_p8

Smooth operation: Domestic Trade, Co-operatives and Consumerism Ministry enforcement director Datuk Mohd Roslan Mahayudin (centre) giving a press conference on the raids which yielded luxury vehicles and cash. Despite the crackdown by the authorities, investors continue to patronise M Mall, which is operated by MBI.

Dawn raids on MBI

Key member of MBI Group International remanded 98 bank accounts containing RM209mil frozen to date Three luxury cars and cash seized

The virtual money scheme operator was hit by three early morning raids in Penang and Kedah as a multi-agency task force acted on intelligence gathered in its ongoing anti-pyramid scheme probe. Investors say they regard this development as a temporary matter, while the public has been urged to come forward and help in the investigation. GEORGE TOWN: After watching the premises closely for a month, the authorities sprang into action and arrested a key person in virtual money scheme operator MBI Group International.

Four bank accounts of a newly- established company that belonged to the suspect’s relative, with deposits totalling RM30mil, were also frozen, while luxury cars and cash were seized in raids on three premises in Penang and Kedah carried out early on Monday morning.

Domestic Trade, Co-operatives and Consumerism Ministry enforcement chief Datuk Mohd Roslan Mahayudin said the suspect, in his 50s, is believed to be the founder of the group.

“He has been remanded for four days since Monday for investigation under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said.

Speaking to reporters at the Bank Negara Malaysia office here, Mohd Roslan said the operation, codenamed Ops Token II, was staged because the premises were believed to be involved in a pyramid scheme.

“They were believed to be the cash storage transit before the money is transferred to other accounts for the purpose of the scheme’s activities,” he said.

Two of the premises were in Taman MBI Desaku in Kulim, Kedah, and one in Sungai Dua on mainland Penang.

Ops Token II was a follow-up to Ops Token I, which was carried out against Mface Club in Klang Valley and M Mall, Penang, on May 29.

Ops Token II was conducted by the National Revenue Recovery Enforcement Team, which comprises the ministry, the Attorney-General’s Chambers, police, Customs, Malaysian Anti-Corruption Commission, Inland Revenue Board, Bank Negara, Companies Commission of Malaysia and the Immigration Department.

Mohd Roslan said the team had been monitoring the premises with the assistance of police for a month prior to the operation.

Three luxury vehicles – a Jaguar, a Range Rover and a Toyota Vellfire – and cash totalling RM2.235mil were seized during the raids, Mohd Roslan said.

The team confiscated RM280,000 from the site in Sungai Dua, and RM187,612 cash and RM218,000 worth of foreign notes from one of the Kedah locations. Nothing was seized from the third location.

The foreign currencies seized were Singapore dollars, US dollars, Thai baht, Australian dollars, Chinese yuan, New Zealand dollars, Indonesian rupiah, Korean won, Japanese yen, Hong Kong dollars, Taiwan dollars, Laotian kip and Cambodian riel, he added.

Mohd Roslan said with the latest series of raids, the number of local bank accounts frozen over the investigation into the group totalled 98, with combined funds of RM209mil.

The bank accounts included 49 company accounts and 49 individual accounts.

Mohd Roslan stressed that the authorities would continue investigating the group and all its subsidiary companies.

While no investors have lodged reports against the group so far, Mohd Roslan urged investors to step forward to assist in the investigation.

The authorities have not estimated the amount of losses suffered by the investors or the public, he added.

Under the Act, the suspect faces a jail term of up to 15 years and a fine of five times the amount or RM5mil, whichever is higher, upon conviction.

The bank accounts, meanwhile, could be frozen for up to 90 days, while the authorities could investigate the matter for a year, Mohd Roslan added.

Authorities crack down on MBI

Key person held, luxury cars seized and accounts frozen

Business as usual: M Mall employees continue working at their offices in the Penang mall.

GEORGE TOWN: After watching the premises closely for a month, the authorities sprang into action and arrested a key person in virtual money scheme operator MBI Group International.

Four bank accounts of a newly-established company that belonged to the suspect’s relative, with deposits totalling RM30mil, were also frozen, while luxury cars and cash were seized in raids on three premises in Penang and Kedah carried out early on Monday morning.

Domestic Trade, Co-operatives and Consumerism Ministry enforcement chief Datuk Mohd Roslan Mahayudin said the suspect, in his 50s, is believed to be the founder of the group.

“He has been remanded for four days since Monday for investigation under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said.

Speaking to reporters at the Bank Negara Malaysia office here, Mohd Roslan said the operation, codenamed Ops Token II, was staged because the premises were believed to be involved in a pyramid scheme.

“They were believed to be the cash storage transit before the money is transferred to other accounts for the purpose of the scheme’s activities,” he said.

Two of the premises were in Taman MBI Desaku in Kulim, Kedah, and one in Sungai Dua on mainland Penang.

Ops Token II was a follow-up to Ops Token I, which was carried out against Mface Club in Klang Valley and M Mall, Penang, on May 29.

Ops Token II was conducted by the National Revenue Recovery Enforcement Team, which comprises the ministry, the Attorney-General’s Chambers, police, Cus­toms, Malaysian Anti-Corruption Commission, Inland Revenue Board, Bank Negara, Companies Commission of Malaysia and the Immigration Department.

Mohd Roslan said the team had been monitoring the premises with the assistance of police for a month prior to the operation.

Three luxury vehicles – a Jaguar, a Range Rover and a Toyota Vellfire – and cash totalling RM2.235mil were seized during the raids, Mohd Roslan said.

The team confiscated RM280,000 from the site in Sungai Dua, and RM187,612 cash and RM218,000 worth of foreign notes from one of the Kedah locations. Nothing was seized from the third location.

The foreign currencies seized were Singapore dollars, US dollars, Thai baht, Australian dollars, Chinese yuan, New Zealand dollars, Indonesian rupiah, Korean won, Japanese yen, Hong Kong dollars, Taiwan dollars, Laotian kip and Cambodian riel, he added.

Mohd Roslan said with the latest series of raids, the number of local bank accounts frozen over the investigation into the group totalled 98, with combined funds of RM209mil.

The bank accounts included 49 company accounts and 49 individual accounts.

Mohd Roslan stressed that the authorities would continue investigating the group and all its subsidiary companies.

While no investors have lodged reports against the group so far, Mohd Roslan urged investors to step forward to assist in the investigation.

The authorities have not estimated the amount of losses suffered by the investors or the public, he added.

Under the Act, the suspect faces a jail term of up to 15 years and a fine of five times the amount or RM5mil, whichever is higher, upon conviction.

The bank accounts, meanwhile, could be frozen for up to 90 days, while the authorities could investigate the matter for a year, Mohd Roslan added.

Source: The Star by christopher tanandarnold loh

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Malaysian authorities crack down on virtual money operator, MBI Group International

https://youtu.be/zzn4zLtw_p8

Smooth operation: Domestic Trade, Co-operatives and Consumerism Ministry enforcement director Datuk Mohd Roslan Mahayudin (centre) giving a press conference on the raids which yielded luxury vehicles and cash. Despite the crackdown by the authorities, investors continue to patronise M Mall, which is operated by MBI.

Dawn raids on MBI

Key member of MBI Group International remanded 98 bank accounts containing RM209mil frozen to date Three luxury cars and cash seized

The virtual money scheme operator was hit by three early morning raids in Penang and Kedah as a multi-agency task force acted on intelligence gathered in its ongoing anti-pyramid scheme probe. Investors say they regard this development as a temporary matter, while the public has been urged to come forward and help in the investigation. GEORGE TOWN: After watching the premises closely for a month, the authorities sprang into action and arrested a key person in virtual money scheme operator MBI Group International.

Four bank accounts of a newly- established company that belonged to the suspect’s relative, with deposits totalling RM30mil, were also frozen, while luxury cars and cash were seized in raids on three premises in Penang and Kedah carried out early on Monday morning.

Domestic Trade, Co-operatives and Consumerism Ministry enforcement chief Datuk Mohd Roslan Mahayudin said the suspect, in his 50s, is believed to be the founder of the group.

“He has been remanded for four days since Monday for investigation under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said.

Speaking to reporters at the Bank Negara Malaysia office here, Mohd Roslan said the operation, codenamed Ops Token II, was staged because the premises were believed to be involved in a pyramid scheme.

“They were believed to be the cash storage transit before the money is transferred to other accounts for the purpose of the scheme’s activities,” he said.

Two of the premises were in Taman MBI Desaku in Kulim, Kedah, and one in Sungai Dua on mainland Penang.

Ops Token II was a follow-up to Ops Token I, which was carried out against Mface Club in Klang Valley and M Mall, Penang, on May 29.

Ops Token II was conducted by the National Revenue Recovery Enforcement Team, which comprises the ministry, the Attorney-General’s Chambers, police, Customs, Malaysian Anti-Corruption Commission, Inland Revenue Board, Bank Negara, Companies Commission of Malaysia and the Immigration Department.

Mohd Roslan said the team had been monitoring the premises with the assistance of police for a month prior to the operation.

Three luxury vehicles – a Jaguar, a Range Rover and a Toyota Vellfire – and cash totalling RM2.235mil were seized during the raids, Mohd Roslan said.

The team confiscated RM280,000 from the site in Sungai Dua, and RM187,612 cash and RM218,000 worth of foreign notes from one of the Kedah locations. Nothing was seized from the third location.

The foreign currencies seized were Singapore dollars, US dollars, Thai baht, Australian dollars, Chinese yuan, New Zealand dollars, Indonesian rupiah, Korean won, Japanese yen, Hong Kong dollars, Taiwan dollars, Laotian kip and Cambodian riel, he added.

Mohd Roslan said with the latest series of raids, the number of local bank accounts frozen over the investigation into the group totalled 98, with combined funds of RM209mil.

The bank accounts included 49 company accounts and 49 individual accounts.

Mohd Roslan stressed that the authorities would continue investigating the group and all its subsidiary companies.

While no investors have lodged reports against the group so far, Mohd Roslan urged investors to step forward to assist in the investigation.

The authorities have not estimated the amount of losses suffered by the investors or the public, he added.

Under the Act, the suspect faces a jail term of up to 15 years and a fine of five times the amount or RM5mil, whichever is higher, upon conviction.

The bank accounts, meanwhile, could be frozen for up to 90 days, while the authorities could investigate the matter for a year, Mohd Roslan added.

Authorities crack down on MBI

Key person held, luxury cars seized and accounts frozen

Business as usual: M Mall employees continue working at their offices in the Penang mall.

GEORGE TOWN: After watching the premises closely for a month, the authorities sprang into action and arrested a key person in virtual money scheme operator MBI Group International.

Four bank accounts of a newly-established company that belonged to the suspect’s relative, with deposits totalling RM30mil, were also frozen, while luxury cars and cash were seized in raids on three premises in Penang and Kedah carried out early on Monday morning.

Domestic Trade, Co-operatives and Consumerism Ministry enforcement chief Datuk Mohd Roslan Mahayudin said the suspect, in his 50s, is believed to be the founder of the group.

“He has been remanded for four days since Monday for investigation under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said.

Speaking to reporters at the Bank Negara Malaysia office here, Mohd Roslan said the operation, codenamed Ops Token II, was staged because the premises were believed to be involved in a pyramid scheme.

“They were believed to be the cash storage transit before the money is transferred to other accounts for the purpose of the scheme’s activities,” he said.

Two of the premises were in Taman MBI Desaku in Kulim, Kedah, and one in Sungai Dua on mainland Penang.

Ops Token II was a follow-up to Ops Token I, which was carried out against Mface Club in Klang Valley and M Mall, Penang, on May 29.

Ops Token II was conducted by the National Revenue Recovery Enforcement Team, which comprises the ministry, the Attorney-General’s Chambers, police, Cus­toms, Malaysian Anti-Corruption Commission, Inland Revenue Board, Bank Negara, Companies Commission of Malaysia and the Immigration Department.

Mohd Roslan said the team had been monitoring the premises with the assistance of police for a month prior to the operation.

Three luxury vehicles – a Jaguar, a Range Rover and a Toyota Vellfire – and cash totalling RM2.235mil were seized during the raids, Mohd Roslan said.

The team confiscated RM280,000 from the site in Sungai Dua, and RM187,612 cash and RM218,000 worth of foreign notes from one of the Kedah locations. Nothing was seized from the third location.

The foreign currencies seized were Singapore dollars, US dollars, Thai baht, Australian dollars, Chinese yuan, New Zealand dollars, Indonesian rupiah, Korean won, Japanese yen, Hong Kong dollars, Taiwan dollars, Laotian kip and Cambodian riel, he added.

Mohd Roslan said with the latest series of raids, the number of local bank accounts frozen over the investigation into the group totalled 98, with combined funds of RM209mil.

The bank accounts included 49 company accounts and 49 individual accounts.

Mohd Roslan stressed that the authorities would continue investigating the group and all its subsidiary companies.

While no investors have lodged reports against the group so far, Mohd Roslan urged investors to step forward to assist in the investigation.

The authorities have not estimated the amount of losses suffered by the investors or the public, he added.

Under the Act, the suspect faces a jail term of up to 15 years and a fine of five times the amount or RM5mil, whichever is higher, upon conviction.

The bank accounts, meanwhile, could be frozen for up to 90 days, while the authorities could investigate the matter for a year, Mohd Roslan added.

Source: The Star by christopher tanandarnold loh

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GEORGE TOWN: Two more popular financial schemes in Penang have been red-flagged by Bank Negara Malaysia (BNM).

A check on the financial consumer alert list yesterday showed MBI International Sdn Bhd and Mface International Sdn Bhd to be the latest additions.

Both are subsidiaries of MBI Group International, a company with investors worldwide, many of them from China.

To date, 302 companies have been listed under the BNM financial consumer alert list, for suspicion of not adhering to relevant laws and regulations administered by BNM in their operations.

Under the Financial Services Act 2013, individuals or businesses involved in illegal financial activities can be fined up to RM50mil and jailed for 10 years.

When contacted by a Chinese daily, MBI International chairman Tedy Teow’s special assistant Alfa said he did not think that the company would face any problem.

“And it is unnecessary for us to hold a press conference to explain the situation to our investors.

“We are always doing our work and we believe that our investors can see how we are performing so far,” he told Sin Chew Daily.

An investor, H.L. Teoh, said he put in RM22,500 early this year and was given 10,000 game redemption credits.

“Actually, I can start selling it every six months, but I was advised to wait for it to grow bigger in three years.

“When you have lots of credit, it is like having a lot of virtual shares.

“Now, I will have to wait for further instructions from the company before my next course of action,” he said.

Members are allowed to spend their loyalty points, which are converted from virtual money or coins, in exchange for goods and services at affiliated companies, including a supermarket, restaurants, a gym and even a durian stall.

Meanwhile, a press conference called by a branch representative of another controversial financial scheme operator, JJPTR, was cancelled at the last minute.

Press members in Penang had received an invitation from a man known only as Lim at 8.30am yesterday.

However, no reason was given for the cancellation.

JJPTR has been grabbing headlines in the past few weeks since its founder Johnson Lee claimed that the company had lost US$400mil (RM1.738bil) due to a purported “hacking job”.

Lee and two of his top aides have been detained by the police to facilitate investigations following several police reports lodged against JJPTR.

In another case, 19 Chinese nationals lodged police reports in Kuala Lumpur against another multi-level marketing company, claiming that they had lost hundreds of thousands of ringgit.

They claimed to have lost between 100,000 yuan (RM62,536) and 700,000 yuan (RM437,754) since investing in the scheme by Monspace last year.

Founded in 2014, Monspace is listed as a multi-level marketing company, according to the Com­panies Commission of Malaysia.

In an immediate response, Monspace said it would take legal action against any group or individual making defamatory statements against it.

The company said in a statement to the media that it was functioning professionally and had engaged a law firm to keep track of statements made about it.

Source: The Star/ANN by Crystal Chiam Shiying

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GEORGE TOWN: Two more popular financial schemes in Penang have been red-flagged by Bank Negara Malaysia (BNM).

A check on the financial consumer alert list yesterday showed MBI International Sdn Bhd and Mface International Sdn Bhd to be the latest additions.

Both are subsidiaries of MBI Group International, a company with investors worldwide, many of them from China.

To date, 302 companies have been listed under the BNM financial consumer alert list, for suspicion of not adhering to relevant laws and regulations administered by BNM in their operations.

Under the Financial Services Act 2013, individuals or businesses involved in illegal financial activities can be fined up to RM50mil and jailed for 10 years.

When contacted by a Chinese daily, MBI International chairman Tedy Teow’s special assistant Alfa said he did not think that the company would face any problem.

“And it is unnecessary for us to hold a press conference to explain the situation to our investors.

“We are always doing our work and we believe that our investors can see how we are performing so far,” he told Sin Chew Daily.

An investor, H.L. Teoh, said he put in RM22,500 early this year and was given 10,000 game redemption credits.

“Actually, I can start selling it every six months, but I was advised to wait for it to grow bigger in three years.

“When you have lots of credit, it is like having a lot of virtual shares.

“Now, I will have to wait for further instructions from the company before my next course of action,” he said.

Members are allowed to spend their loyalty points, which are converted from virtual money or coins, in exchange for goods and services at affiliated companies, including a supermarket, restaurants, a gym and even a durian stall.

Meanwhile, a press conference called by a branch representative of another controversial financial scheme operator, JJPTR, was cancelled at the last minute.

Press members in Penang had received an invitation from a man known only as Lim at 8.30am yesterday.

However, no reason was given for the cancellation.

JJPTR has been grabbing headlines in the past few weeks since its founder Johnson Lee claimed that the company had lost US$400mil (RM1.738bil) due to a purported “hacking job”.

Lee and two of his top aides have been detained by the police to facilitate investigations following several police reports lodged against JJPTR.

In another case, 19 Chinese nationals lodged police reports in Kuala Lumpur against another multi-level marketing company, claiming that they had lost hundreds of thousands of ringgit.

They claimed to have lost between 100,000 yuan (RM62,536) and 700,000 yuan (RM437,754) since investing in the scheme by Monspace last year.

Founded in 2014, Monspace is listed as a multi-level marketing company, according to the Com­panies Commission of Malaysia.

In an immediate response, Monspace said it would take legal action against any group or individual making defamatory statements against it.

The company said in a statement to the media that it was functioning professionally and had engaged a law firm to keep track of statements made about it.

Source: The Star/ANN by Crystal Chiam Shiying

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His first investment scheme failed with losses estimated at between RM400mil and RM1.7bil but JJPTR founder Johnson Lee has brazenly come up with a new one offering even higher returns of 35% a month and with a car, motorcycles and smartphones thrown in as lucky draw prizes. Many of his investors still have faith in him but those in another scheme, Change Your Life, are in a quandary. They now have to choose between getting lower returns or changing to ‘life points’ – and waiting.

Show me the money: Investors making enquiries at Icon City in Bukit Tengah, Bukit Mertajam. The money scam issue has got many who have parted with their savings feeling anxious

JJPTR offers ‘better’ plan

http://www.thestar.com.my/news/nation/2017/05/03/jjptr-offers-better-plan-founder-promises-higher-returns-but-stays-mum-on-refunds/

After the spectacular collapse of his previous financial scheme, purportedly because of a hacked account, controversial scheme operator Johnson Lee has rolled out a new plan, claiming to offer even better returns.

While JJPTR’s earlier scheme – which ended with RM500mil missing from the company’s account – offered returns of 20% a month, this new one offers 35%.

On top of that, it offers special lucky draws with a new car, motorcycles and smartphones as prizes.

What the company did not say in the shining glossary of the new plan is how Lee plans to address the US$400mil (RM1.73bil) losses he claims the company has incurred.

The new scheme also does not explain how he plans to repay those who lost their money to the earlier scheme.

The one-and-a-half minute video Lee uploaded shows that the new plan is based on a “split mechanism” and has three rounds.

The initial investment in US dollars is “split” or doubled in each round. Half of it is re-invested in the scheme and rolls over to the next round.

Each round lasts 10 days and investors are allowed to convert their earnings back to ringgit after three rounds.

Anyone who invests US$1,000 (RM4,331) is expected to receive US$450 (RM1,949) in each round, making it a return of US$1,350 (RM5,847) by the end of round three.

Under the proposed new scheme, investors will also be rewarded with JJ Points, which can be used in exchange for goods via its shopping platform JJ Mart.

The new scheme was announced by the 28-year-old Lee last Tuesday after news broke that his company had gone bust.

The company did not say when the new plan would start.

Attempts to contact Lee were futile and the number listed on the JJPTR Facebook page is already out of service.

A visit to the company’s offices in Penang showed that investors were no longer lining up for answers.

Instead, the staff, who preferred not to be photographed, were seen sitting at empty counters.

Penang-based JJPTR, or Jie Jiu Pu Tong Ren in Mandarin (salvation for the common people), came under the spotlight when investors complained that they did not get their scheduled payment last month.

JJPTR, JJ Poor to Rich and JJ Global Network are among the entities listed as unauthorised companies under Bank Negara Malaysia’s Financial Consumer Alert.

Records from the Companies Commission of Malaysia showed that JJ Global Network was a “RM2 company” owned by Lee and his former girlfriend Tan Kai Lee, 24. Each hold a single share.

Lee’s father Thean Chye, 58, and Tan are also directors of another company called JJ Global Network Holdings Bhd.

Thean Chye, who was an assistant professor at Southern University College in Johor, resigned on Wednesday after the JJPTR losses came to light.

Source: The Star/ANN

Investor tells off staff after failing to get refund 

 

Business as usual: Employees explaining the refund process and new scheme to investors at the JJPTR main office in Perak Road, Penang.

GEORGE TOWN: An investor, frustrated over not getting a promised refund on his stake, told off several female employees at the main JJPTR office in Perak Road.

The man, in his 40s, was heard having an exchange of words with the staff after being told that it may take “a few more days” before he could get his money.

He told them Johnson Lee, the founder of JJPTR, had said that the money was refunded to JJ2 scheme investors some days ago.

“But until today, I haven’t got my money back.

“I just want to know if the refund has been made or are you in the midst of processing the refund?

“If he has not started the refund, just be honest with the investors.”

He insisted on getting a firm date on when he would get back his money but the employees replied that they would need at least five working days.

He then demanded their names but they refused him.

“You don’t even dare give me your names. If I want to lodge a report, I won’t be able to provide the police with details.

“And don’t tell me you need days for a bank transfer. It only takes hours,” he said.

As he left the office, several journalists approached him for comment but were turned down.

“I don’t want to talk to reporters. You are all just causing trouble for us. I can get things done on my own,” he said. JJPTR, or Jie Jiu Pu Tong Ren (“salvation for the common people” in Mandarin), is a Penang-based company that came under the spotlight when its investors complained that they did not get their scheduled profits last month.

According to online and media reports, the investors stand to lose RM500mil. They reportedly number in the tens of thousands, comprising Malaysians and foreigners from Canada, the United States and China.

Lee, who has blamed the loss on hackers, put the figure at US$400mil (RM1.75bil) in a widely-circulated video clip.

JJPTR, JJ Poor to Rich and JJ Global Network are listed as unauthorised companies by Bank Negara Malay­sia.

Source: The Star/ANN

JJPTR just trying to buy time, says ‘scam buster’ 

“Scam buster” Afyan Mat Rawi has ridiculed JJPTR’s new plan, calling it “unsustainable” and nothing but a forex scheme to placate angry investors.

Once a victim of an investment scam himself, the 37-year-old financial adviser said investors should stay away from the scheme, which he described as “illogical”.

“The investors are angry right now, and JJPTR is trying to pacify them by introducing this new plan.

“A 35% return at the end of the three rounds (one month) is illogical. Where would the company find all the money to reinvest?

“The new plan is just a way for them to buy time,” Afyan said.

He said any investment scheme promising returns of more than 15% in a year will ultimately collapse.

“No legitimate scheme will guarantee an annual return of more than 15%. Any scheme claiming to do otherwise has to be a scam.

“Like most other pyramid schemes, the (JJPTR) forex scheme will collapse when there is no entry of new investors.”

Afyan said that despite getting flak from investors after allegedly losing RM500mil due to its accounts being hacked, it was still “possible” for JJPTR to entice old and new investors to subscribe to the new plan, which promises higher returns and special lucky draws.

“Some investors may leave, because they no longer see hope but those in the “top tier” will continue finding new victims as they’ve already invested so much.

“Unfortunately, there will still be people who believe in them,” he related.

Commenting on a video of founder Johnson Lee announcing the new plan via JJPTR Malaysia’s Facebook page, Afyan said the laws in Malaysia were not harsh enough to serve as deterrent for so-called “scammers”.

He claimed that the only person to have been severely punished for operating an illegal investment scheme was Pak Man Telo, or Othman Hamzah, who was jailed and banished to Terengganu from Perak in the early 1990s.

Othman reportedly enticed 50,000 people to invest in his getrich-quick scheme, commonly known as the Pak Man Telo scheme, and managed to rake in RM90mil before being arrested, tried and sent to prison for two years. He died in Terengganu a few years later.

Ever since then, Afyan claimed, convicted scammers have been getting away easy.

“At most, scammers will be arrested and remanded. But you don’t hear about them serving time in prison. They’ve already made millions, billions, in profits.

“A penalty of a few thousand ringgit is nothing to them,” he said.

Afyan, who lost RM300 to a getrich-quick scheme while he was a university student in 2003, worked in Islamic insurance and financial planning after graduating.

He created a Facebook page in 2008 to share information on questionable investment opportunities, earning him the nickname “scam buster”.

He claims to have uncovered about 50 dubious companies so far.

Source: The Star/ANN

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Trap - as long as there is greed, Ponzi schemes will always re-emerge.  CALL them pyramid, Ponzi or get-rich-quick schemes and pe...

Angry & frustrated investors lodged report, tell off staffs trying to buy time!

Angry investors who lodged a police report at the Pekan Kinrara station. Waiting for answers:

His first investment scheme failed with losses estimated at between RM400mil and RM1.7bil but JJPTR founder Johnson Lee has brazenly come up with a new one offering even higher returns of 35% a month and with a car, motorcycles and smartphones thrown in as lucky draw prizes. Many of his investors still have faith in him but those in another scheme, Change Your Life, are in a quandary. They now have to choose between getting lower returns or changing to ‘life points’ – and waiting.

Show me the money: Investors making enquiries at Icon City in Bukit Tengah, Bukit Mertajam. The money scam issue has got many who have parted with their savings feeling anxious

JJPTR offers ‘better’ plan

http://www.thestar.com.my/news/nation/2017/05/03/jjptr-offers-better-plan-founder-promises-higher-returns-but-stays-mum-on-refunds/

After the spectacular collapse of his previous financial scheme, purportedly because of a hacked account, controversial scheme operator Johnson Lee has rolled out a new plan, claiming to offer even better returns.

While JJPTR’s earlier scheme – which ended with RM500mil missing from the company’s account – offered returns of 20% a month, this new one offers 35%.

On top of that, it offers special lucky draws with a new car, motorcycles and smartphones as prizes.

What the company did not say in the shining glossary of the new plan is how Lee plans to address the US$400mil (RM1.73bil) losses he claims the company has incurred.

The new scheme also does not explain how he plans to repay those who lost their money to the earlier scheme.

The one-and-a-half minute video Lee uploaded shows that the new plan is based on a “split mechanism” and has three rounds.

The initial investment in US dollars is “split” or doubled in each round. Half of it is re-invested in the scheme and rolls over to the next round.

Each round lasts 10 days and investors are allowed to convert their earnings back to ringgit after three rounds.

Anyone who invests US$1,000 (RM4,331) is expected to receive US$450 (RM1,949) in each round, making it a return of US$1,350 (RM5,847) by the end of round three.

Under the proposed new scheme, investors will also be rewarded with JJ Points, which can be used in exchange for goods via its shopping platform JJ Mart.

The new scheme was announced by the 28-year-old Lee last Tuesday after news broke that his company had gone bust.

The company did not say when the new plan would start.

Attempts to contact Lee were futile and the number listed on the JJPTR Facebook page is already out of service.

A visit to the company’s offices in Penang showed that investors were no longer lining up for answers.

Instead, the staff, who preferred not to be photographed, were seen sitting at empty counters.

Penang-based JJPTR, or Jie Jiu Pu Tong Ren in Mandarin (salvation for the common people), came under the spotlight when investors complained that they did not get their scheduled payment last month.

JJPTR, JJ Poor to Rich and JJ Global Network are among the entities listed as unauthorised companies under Bank Negara Malaysia’s Financial Consumer Alert.

Records from the Companies Commission of Malaysia showed that JJ Global Network was a “RM2 company” owned by Lee and his former girlfriend Tan Kai Lee, 24. Each hold a single share.

Lee’s father Thean Chye, 58, and Tan are also directors of another company called JJ Global Network Holdings Bhd.

Thean Chye, who was an assistant professor at Southern University College in Johor, resigned on Wednesday after the JJPTR losses came to light.

Source: The Star/ANN

Investor tells off staff after failing to get refund 

 

Business as usual: Employees explaining the refund process and new scheme to investors at the JJPTR main office in Perak Road, Penang.

GEORGE TOWN: An investor, frustrated over not getting a promised refund on his stake, told off several female employees at the main JJPTR office in Perak Road.

The man, in his 40s, was heard having an exchange of words with the staff after being told that it may take “a few more days” before he could get his money.

He told them Johnson Lee, the founder of JJPTR, had said that the money was refunded to JJ2 scheme investors some days ago.

“But until today, I haven’t got my money back.

“I just want to know if the refund has been made or are you in the midst of processing the refund?

“If he has not started the refund, just be honest with the investors.”

He insisted on getting a firm date on when he would get back his money but the employees replied that they would need at least five working days.

He then demanded their names but they refused him.

“You don’t even dare give me your names. If I want to lodge a report, I won’t be able to provide the police with details.

“And don’t tell me you need days for a bank transfer. It only takes hours,” he said.

As he left the office, several journalists approached him for comment but were turned down.

“I don’t want to talk to reporters. You are all just causing trouble for us. I can get things done on my own,” he said. JJPTR, or Jie Jiu Pu Tong Ren (“salvation for the common people” in Mandarin), is a Penang-based company that came under the spotlight when its investors complained that they did not get their scheduled profits last month.

According to online and media reports, the investors stand to lose RM500mil. They reportedly number in the tens of thousands, comprising Malaysians and foreigners from Canada, the United States and China.

Lee, who has blamed the loss on hackers, put the figure at US$400mil (RM1.75bil) in a widely-circulated video clip.

JJPTR, JJ Poor to Rich and JJ Global Network are listed as unauthorised companies by Bank Negara Malay­sia.

Source: The Star/ANN

JJPTR just trying to buy time, says ‘scam buster’ 

“Scam buster” Afyan Mat Rawi has ridiculed JJPTR’s new plan, calling it “unsustainable” and nothing but a forex scheme to placate angry investors.

Once a victim of an investment scam himself, the 37-year-old financial adviser said investors should stay away from the scheme, which he described as “illogical”.

“The investors are angry right now, and JJPTR is trying to pacify them by introducing this new plan.

“A 35% return at the end of the three rounds (one month) is illogical. Where would the company find all the money to reinvest?

“The new plan is just a way for them to buy time,” Afyan said.

He said any investment scheme promising returns of more than 15% in a year will ultimately collapse.

“No legitimate scheme will guarantee an annual return of more than 15%. Any scheme claiming to do otherwise has to be a scam.

“Like most other pyramid schemes, the (JJPTR) forex scheme will collapse when there is no entry of new investors.”

Afyan said that despite getting flak from investors after allegedly losing RM500mil due to its accounts being hacked, it was still “possible” for JJPTR to entice old and new investors to subscribe to the new plan, which promises higher returns and special lucky draws.

“Some investors may leave, because they no longer see hope but those in the “top tier” will continue finding new victims as they’ve already invested so much.

“Unfortunately, there will still be people who believe in them,” he related.

Commenting on a video of founder Johnson Lee announcing the new plan via JJPTR Malaysia’s Facebook page, Afyan said the laws in Malaysia were not harsh enough to serve as deterrent for so-called “scammers”.

He claimed that the only person to have been severely punished for operating an illegal investment scheme was Pak Man Telo, or Othman Hamzah, who was jailed and banished to Terengganu from Perak in the early 1990s.

Othman reportedly enticed 50,000 people to invest in his getrich-quick scheme, commonly known as the Pak Man Telo scheme, and managed to rake in RM90mil before being arrested, tried and sent to prison for two years. He died in Terengganu a few years later.

Ever since then, Afyan claimed, convicted scammers have been getting away easy.

“At most, scammers will be arrested and remanded. But you don’t hear about them serving time in prison. They’ve already made millions, billions, in profits.

“A penalty of a few thousand ringgit is nothing to them,” he said.

Afyan, who lost RM300 to a getrich-quick scheme while he was a university student in 2003, worked in Islamic insurance and financial planning after graduating.

He created a Facebook page in 2008 to share information on questionable investment opportunities, earning him the nickname “scam buster”.

He claims to have uncovered about 50 dubious companies so far.

Source: The Star/ANN

Related stories:

... And they still keep coming to invest
One more goes bust – after just two weeks
Life’s changing for investors in money-making scheme
Flashy ads, but no gain for investors

Minister tells investors to be wary of JJPTR’s new offer
Her investment grew to RM3.5mil but she can’t take out a sen
Get-rich-quick scheme leaves cattle rearer poorer by RM48,000
Her investment grew to RM3.5mil but she can't take out a sen - Nation

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Get-rich-quick schemes thriving in Penang: many losers in the money game!

Trap - as long as there is greed, Ponzi schemes will always re-emerge.  CALL them pyramid, Ponzi or get-rich-quick schemes and pe...

Get-rich-quick schemes thriving in Penang: many losers in the money game!

Trap - as long as there is greed, Ponzi schemes will always re-emerge. 

CALL them pyramid, Ponzi or get-rich-quick schemes and people might shy away. But call them money games, and suddenly they are just games, is that right?

What can be so diabolical about that?

Penang lang (people) are very much into money games. That's what Ben, a Penangite who now lives in Australia, found out when he came back for a holiday three weeks ago.

Ben’s friends and relatives tried to rope him into money games. They themselves had "invested" in a few "games".

He was astounded by their obsession. It does seem as if money games are on the minds of many Penangites now.

I hear about them at the coffee shops and watering holes. And yes, many of my buddies are into them too.

You will likely be the odd one out if you are not into such schemes these days.

JJPTR is a now household acronym after almost two years in the market. It stands for JJ Poor-to-Rich and the very name resonated well with middle-class families.

Its 20% monthly payouts were always on time, until the recent hacking job.

Then came Richway Global Venture, Change Your Life (CYL) and BTC I-system, but they too are said to be in troubled waters these days.

Attempts by many journalists to contact them have been unsuccessful.

The money game list is quite long, and Penang has the dubious honour of being the home base for many.

Another friend, Robert, had a jolt when a doctor he knew told patients to put their money into such a scheme. A doctor!

From the cleaners at his office to the hawkers and professionals he met, everyone, it seems, was convinced. None questioned how the high returns could come to fruition in such a short time.

But Robert is a harsh critic of these games and would not go anywhere near them. He didn't believe in their economic "principles".

He even got into a big fight with his father, who put money into JJPTR.

And now, Robert has been proven right. Fortunately, his father was one of the lucky ones because he managed to recoup his principal sum, on top of the thousands more he had received over the past few months.

Billy, a man well-versed in such operations, said operators would always use forex trading or investment in foreign projects as cover stories to woo new members.

They paint vivid pictures of those joining becoming part of big-time developments in Third World countries like Cambodia and Vietnam.

Once you get closer to them, they will tell you outright it is a money game and that you are among the pioneers, sure to make a profit before the scheme bursts.

Things tend to be smooth sailing for the first few months. You see money coming back in and pride yourself in taking the risk.

But soon the saturation point is reached as new members to the pyramid slow to a trickle.

Then you can expect the scheme to collapse.

Billy pointed out that the higher the return on investment, the faster the scheme bursts.

That's because the operator cannot get enough new members to keep the scheme sustainable. At the same time, he has to deal with huge monthly payouts.

Some in Penang may remember the chance to invest in a cafe chain known as Island Red Cafe around 10 years ago. Then there was that company that sold gold bars and coins. There was also a Swiss cash scheme which took the country by storm.

As long as there is greed, such schemes will always re-emerge. As they say, a fool and his money are soon parted.

Honestly, the quickest way to double your money is to fold it in half and put it back in your pocket.

'Please bless the money game'

Still very much alive: Investors of Mama Captain are allowed to continue trading their virtual money at any outlet displaying the ‘Barrel2U’ banner.

GEORGE TOWN: Some investors are seeking “divine intervention” for money games to last.

A 10-second video clip of a man praying aloud before a temple shrine is fast circula­ting on social media and phone chat groups.

His prayer goes: “Datuk Gong (deity), I pray to you. Please bless money games. Please help them stay afloat for a few more months.”

His prayer is in Penang Hokkien and he mentions “money game” in English.

It is believed to be a satirical meme on money games, and there are several more spreading.

Memes on the Penang-based JJPTR, or Jie Jiu Pu Tong Ren in Mandarin (salvation for the common people), have also gone viral online.

One of them, titled “Life without JJ” in Chinese, is accompanied by a picture of a plate of plain rice topped with a few strands of fried vegetable.

Another similarly titled meme shows grubby, tattered underwear and is captioned: “Don’t ask me how my life is lately. The underwear explains everything!”

Meanwhile, a man known as Bingyen has cynically adapted the lyrics of a popular Mandarin song Zui Jin Bi Jiao Fan (Troubled Recently) to relate to JJPTR.

Interestingly, the Chinese name of JJPTR founder Johnson Lee rhymes with one of the song’s singers, veteran Taiwanese musician Jonathan Lee. Both their names are similar in pinyin – Li Zong Sheng.

Bingyen, in his lyrics, also advised the people to stay away from money games.

According to speculation online and media reports, JJPTR investors, said to number in the tens of thousands locally and internationally, including Canada, the United States and China, stand to lose RM500mil.

Lee, who has blamed the company’s losses on hackers, however, put the figure at US$400mil (RM1.75bil) in a widely-circulated video recording later.

The 28-year-old founder, in a video posted on the JJPTR Malaysia Facebook page last week, made a promise to repay its members by May 20. Also on the same day, the company is supposed to hold a dinner gathering at Berjaya Times Square in Kuala Lumpur.

The forex trading company, along with its associate entities JJ Poor to Rich and JJ Global Network under www.jjptr.com, is among the 288 entities and individuals listed on Bank Negara’s Financial Con­sumer Alert as of Feb 24.

Source: Pinang points by Tan Sin Chow

Related stories:

Small-time operators are said to be still in the game

Single mum borrows to invest in schemes

Related posts:

Money games, Earn money nothing can replace the old-fashioned hard-work, honesty; learn Jack Ma's way

Scheme or scam?: Multi-level marketing companies often conduct presentations to potential members promising financial freedom and a b...

Get-rich-quick schemes thriving in Penang: many losers in the money game!

Trap - as long as there is greed, Ponzi schemes will always re-emerge. 

CALL them pyramid, Ponzi or get-rich-quick schemes and people might shy away. But call them money games, and suddenly they are just games, is that right?

What can be so diabolical about that?

Penang lang (people) are very much into money games. That's what Ben, a Penangite who now lives in Australia, found out when he came back for a holiday three weeks ago.

Ben’s friends and relatives tried to rope him into money games. They themselves had "invested" in a few "games".

He was astounded by their obsession. It does seem as if money games are on the minds of many Penangites now.

I hear about them at the coffee shops and watering holes. And yes, many of my buddies are into them too.

You will likely be the odd one out if you are not into such schemes these days.

JJPTR is a now household acronym after almost two years in the market. It stands for JJ Poor-to-Rich and the very name resonated well with middle-class families.

Its 20% monthly payouts were always on time, until the recent hacking job.

Then came Richway Global Venture, Change Your Life (CYL) and BTC I-system, but they too are said to be in troubled waters these days.

Attempts by many journalists to contact them have been unsuccessful.

The money game list is quite long, and Penang has the dubious honour of being the home base for many.

Another friend, Robert, had a jolt when a doctor he knew told patients to put their money into such a scheme. A doctor!

From the cleaners at his office to the hawkers and professionals he met, everyone, it seems, was convinced. None questioned how the high returns could come to fruition in such a short time.

But Robert is a harsh critic of these games and would not go anywhere near them. He didn't believe in their economic "principles".

He even got into a big fight with his father, who put money into JJPTR.

And now, Robert has been proven right. Fortunately, his father was one of the lucky ones because he managed to recoup his principal sum, on top of the thousands more he had received over the past few months.

Billy, a man well-versed in such operations, said operators would always use forex trading or investment in foreign projects as cover stories to woo new members.

They paint vivid pictures of those joining becoming part of big-time developments in Third World countries like Cambodia and Vietnam.

Once you get closer to them, they will tell you outright it is a money game and that you are among the pioneers, sure to make a profit before the scheme bursts.

Things tend to be smooth sailing for the first few months. You see money coming back in and pride yourself in taking the risk.

But soon the saturation point is reached as new members to the pyramid slow to a trickle.

Then you can expect the scheme to collapse.

Billy pointed out that the higher the return on investment, the faster the scheme bursts.

That's because the operator cannot get enough new members to keep the scheme sustainable. At the same time, he has to deal with huge monthly payouts.

Some in Penang may remember the chance to invest in a cafe chain known as Island Red Cafe around 10 years ago. Then there was that company that sold gold bars and coins. There was also a Swiss cash scheme which took the country by storm.

As long as there is greed, such schemes will always re-emerge. As they say, a fool and his money are soon parted.

Honestly, the quickest way to double your money is to fold it in half and put it back in your pocket.

'Please bless the money game'

Still very much alive: Investors of Mama Captain are allowed to continue trading their virtual money at any outlet displaying the ‘Barrel2U’ banner.

GEORGE TOWN: Some investors are seeking “divine intervention” for money games to last.

A 10-second video clip of a man praying aloud before a temple shrine is fast circula­ting on social media and phone chat groups.

His prayer goes: “Datuk Gong (deity), I pray to you. Please bless money games. Please help them stay afloat for a few more months.”

His prayer is in Penang Hokkien and he mentions “money game” in English.

It is believed to be a satirical meme on money games, and there are several more spreading.

Memes on the Penang-based JJPTR, or Jie Jiu Pu Tong Ren in Mandarin (salvation for the common people), have also gone viral online.

One of them, titled “Life without JJ” in Chinese, is accompanied by a picture of a plate of plain rice topped with a few strands of fried vegetable.

Another similarly titled meme shows grubby, tattered underwear and is captioned: “Don’t ask me how my life is lately. The underwear explains everything!”

Meanwhile, a man known as Bingyen has cynically adapted the lyrics of a popular Mandarin song Zui Jin Bi Jiao Fan (Troubled Recently) to relate to JJPTR.

Interestingly, the Chinese name of JJPTR founder Johnson Lee rhymes with one of the song’s singers, veteran Taiwanese musician Jonathan Lee. Both their names are similar in pinyin – Li Zong Sheng.

Bingyen, in his lyrics, also advised the people to stay away from money games.

According to speculation online and media reports, JJPTR investors, said to number in the tens of thousands locally and internationally, including Canada, the United States and China, stand to lose RM500mil.

Lee, who has blamed the company’s losses on hackers, however, put the figure at US$400mil (RM1.75bil) in a widely-circulated video recording later.

The 28-year-old founder, in a video posted on the JJPTR Malaysia Facebook page last week, made a promise to repay its members by May 20. Also on the same day, the company is supposed to hold a dinner gathering at Berjaya Times Square in Kuala Lumpur.

The forex trading company, along with its associate entities JJ Poor to Rich and JJ Global Network under www.jjptr.com, is among the 288 entities and individuals listed on Bank Negara’s Financial Con­sumer Alert as of Feb 24.

Source: Pinang points by Tan Sin Chow

Related stories:

Small-time operators are said to be still in the game

Single mum borrows to invest in schemes

Related posts:

Money games, Earn money nothing can replace the old-fashioned hard-work, honesty; learn Jack Ma's way

Scheme or scam?: Multi-level marketing companies often conduct presentations to potential members promising financial freedom and a b...