Looks like tens of thousands of investors, not just from Malaysia, but as far as away Canada, the US, Japan and China, have found themselves out of pocket after the reported collapse of JJPTR, a Forex trading company based in Penang.
While they’re hardly alone, Penang Commercial Crimes Investigation Department chief Asst Comm Abdul Ghani Ahmad did point out a local obsession with get rich quick schemes.
“Penangites are always interested in taking part in such investment schemes to make fast money.” Penang, any response?
Word to the wise: if your investment promises 20 percent returns every month, you might want to Google PONZI + SCHEME before you give them any of your money. Just like delicious fat-free, sugar-free chocolate cake, or armchair exercise, some things are too good to be true.
JJPTR, is an acronym that can either stand for Jie Jiu Pu Tong Ren in Chinese (salvation for the common people), or JJ Poor to Rich, depending on which arm of the supposed trading firm you’re on, according to their website. Their site is currently “no longer taking registrations,” a euphemism if there ever was one.
The company is on Bank Negara’s Financial Consumer Alert list as one of 288 other fronts of dubious repute, a fact that didn’t stop investors from ploughing in anywhere from $25 to their entire life savings.
Asst Comm Abdul Ghani Ahmad has confirmed that no police reports have been logged, saying that sometimes investors will wait up to 6 months, holding on to hope that they will eventually get paid. However, a quick look at their Facebook page shows that investors are asking there when they will be able to collect their earnings, or just have their initial investment returned.
“There are still two or three such scams active locally.” Penang: get a grip and stop giving these bozos money. It can ruin lives, just ask Bernie Madoff victim Kevin Bacon.
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