Last week we reported that Penang based forex investment firm JJPTR, they of 20% returns promises, had lost over RM1.7 billion. Their founder, Johnson Lee, claimed they had been hacked. Those who still had a mild voice of reason echoing in the back of their head were quick to ask where the police report was to substantiate such a grandiose claim. It’s not every day that a mysterious hacker manages to swindle hundreds of millions of US dollars from an entity listed among Bank Negara’s official Financial Consumer Alerts, and not have to answer to some kind of authority. Lee boldly told worried investors that he and his friends (undoubtedly a group that included Tony Stark, Kim Dotcom and the ghost of Steve Jobs), were going to get to the bottom of the missing funds.
It seems that they’ve come back with a solution. JJPTR has now offered investors an audacious way to regain their lost money, and wait for it… get even more money. It’s simple, just invest in a NEW scheme, that promises 35% returns. Sweetening the deal for investors are promises of lucky draws of new cars, motorcycles, and even smartphones.
Astonishingly, Lee did not provide any information regarding the recouping of the lost new US$400mil that he claims the company has incurred. He also gives no indication on how he plans to repay the initial principals lost by investors in his earlier scheme, something that he had promised to do by 20 May.
The Star reports that the scheme works like this: “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.” Hmmm… so you have a lump sum in the beginning, that continuously gets broken down into smaller groupings… Hey, wait a second. JJPTR, this is starting to look like a pyramid again! Sneaky lah, you!
The phone numbers listed on the company Facebook page are no longer in service as of today. Employees at their Penang offices are reportedly sitting behind empty desks, and are giving no comments.
The seriousness of the matter should not be forgotten: many individuals funnelled in entire life-savings. Police reports against the firm, and Lee, have yet to be filed, showing that investors are still clinging to hope that they may receive back their initial principal at the very least.
People, just … please. Stop giving these guys money. Look at it this way: If I was your friend and I took a few KitKats from you. I promise you I will return your KitKats back, plus a few extra bars, for good measure. Instead I show up a month later with no KitKats, 1kg heavier, asking for MORE KitKats, promising I would come back with double the bars this time … would you give me more? No. You would tell me to stop stealing your chocolate, and to get a grip. And JJPTR needs to get a grip.
