JJPTR 'money game' firm is a 'RM2 company'

The company behind the Penang-based Ponzi scheme JJPTR, which claimed to have lost RM500 million due to hacking, has been revealed to be a "RM2 company" registered with the Companies Commission of Malaysia (SSM).

JJ Global Sdn Bhd, set up in 2015, had also failed to file its financial accounts with SSM since it was formed, The Star reported today.

It also reported that JJPTR founder Johnson Lee, 28, was listed as one of two directors, and that his former girlfriend Tan Kai Lee, 24, and him each held a single share in the company.

A "RM2 company" is a proprietary company with an issued share capital of RM2, with the collective liability of shareholders limited to only RM2.

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

"SSM records showed that Thean Chye was the largest shareholder, owning 850,000 shares followed by Tan with 150,001 shares while Lee only has one share," The Star said in its report.

Don't be duped

Thean Chye resigned from his post on Wednesday as an assistant professor at Southern University College in Johor after the JJPTR losses were first reported.

Investors of JJPTR had put in between US$25 and US$1,000 and were promised monthly returns of 20 percent.

However, complaints from investors started cropping up after they did not receive their scheduled payment last month.

In response, Lee claimed that its company's accounts were hacked and they had lost RM500 million.

JJPTR, JJ Poor to Rich and JJ Global Network are three purported forex trading entities which are among the 288 entities and individuals listed on Bank Negara Malaysia's Financial Consumer Alert as of Feb 24.

Second Finance Minister Johari Abdul Ghani has also reminded the public not to be easily duped by investment schemes offering high returns.

"The first thing they (public) should do when someone approach and offer them (high) returns of 20 percent is to immediately lodge a report to Bank Negara (Malaysia) or the police. Getting 20 percent after investing for a month, there's no logic to that... It's a scam," he had said.- Mkini