With JJPTR at a standstill, while its founder is detained, the spotlight has moved to Richway and other money game operators.
- Richway investors: “You brought us from heaven to hell within three months”
- Investors in China want to see Alex Wong in jail
- At least 10 money game operators busted, latest being WMS Capital
The China Press reported that 3,000 investors in China are furious with Alex Wong, the founder of Richway, who have left them in debt after they failed to receive their interest payments since last month.
Dubbed ‘Malaysian farmer’ by the Chinese citizens because Richway had branded itself as an agriculture-cum-Forex trading firm, Wong has gone missing.
The investment scheme called Richway Global Venture started in Malaysia late last year and launched in China early this year.
“You brought us from heaven to hell within a short period of three months. Our only wish now is for you, Alex Wong, to go to jail,” angry investors in China are saying in social media app WeChat.
Wong’s scheme attracted an estimated RM12 million in investments with promised returns of 30% monthly. Investors opened accounts between US$1,000 and US$3,200, with some having multiple accounts.
According to the news report, investors say, “Many of us have made maximum cash advances from our credit cards (for our investment) and we are now unable to service our debts.”
Apparently, none of the Chinese investors had ever met Wong, dealing instead through his appointed Chinese agent who has also disappeared.
“We are now prepared for the worst. We want to gather more investors to file a joint complaint to the Chinese embassy in Malaysia as well as Consulate General of Malaysia in Guangzhou,” the daily quoted an investor as saying.
The Star reported that at least 10 money game operators have either collapsed or changed their investment schemes, the latest being WMS Capital.
Specialising in asset management and promising 20% monthly returns, WMS Capital’s office has been closed since last Thursday. According to its neighbour, employees of the company had stopped working there since last week and many investors had turned up at the office. Apparently, one investor even pasted a sheet of paper with the operator’s picture on the office door, urging the company to return his hard-earned money. Investors discovered that they had been removed from the company’s WeChat group on Sunday.
The office had only opened after Chinese New Year, just three months ago. The company, said to be in operation since last August, has over 17,000 members in seven countries – Malaysia, Singapore, Thailand, Myanmar, Taiwan, China and Australia.
Investors can opt to invest between US$100 and US$1,000 or between 730 yuan and 7,300 yuan. They can withdraw the principal at any time, with a 2% processing fee chargeable.
Meanwhile, the office of Change Your Life (CYL) office in Icon City, Bukit Mertajam, which was raided by police, remains closed.
While investors are waiting for the outcome of Johnson Lee’s three days in custody, JJPTR’s Facebook pages have been deactivated or not updated, and its offices remain shut after last Friday’s raids.
The Penang police say they won’t act for JJPTR “investors” who don’t file reports. They will also wait for instructions from Bukit Aman before taking further action, adding that the IGP has given a three-month period for investigations on JJPTR.
According to The Star, two investigation papers have been opened for JJPTR following five police reports. Investigations are under Section 420 of the Penal Code for the offence of cheating and dishonestly inducing delivery of property, which comes with a penalty of minimum one-year to a maximum ten-year jail term, whipping and a fine.
Police are also in the process of busting other get-rich-quick scams.
Sentiments among JJPTR’s “investors” vary. Most are resigned to not getting the payments owed to them, with some viewing their loss as donating to charity. Yet there are some who say Lee “will not be in the lock-up forever” and they will continue to support him and his new schemes.
May 12, JJPTR Raid, Bank Accounts Frozen
Apr 25, Game Over for JJPTR?