Startling revelations stink of the sham of money scam
- No evidence of hacking
- Bulk of money moved out of the country
- Millions still in frozen local accounts
- No indication of involvement in forex trading
The Star reported that the police investigation into JJPTR has found no signs of its computers having been hacked, as claimed by founder Johnson Lee. Instead, it appears that tens of millions of ringgit could have been moved to accounts outside Malaysia.
Although the bulk of JJPTR’s money may no longer be in the country, the local bank accounts of JJPTR that were frozen by the police and Bank Negara are believed to hold millions of ringgit.
The police investigation also reveals that there is no indication that JJPTR was involved in any foreign exchange trading, which the firm alleged was how it derived its returns.
Police are now ascertaining if the actual amount lost was RM1.73b and also the actual number of victims both locally and abroad.
The Star quoted sources as saying, “There is also a possibility that Bank Negara will try to work with its counterparts overseas to check on the money trail.”
According to police, Lee will be taken to Johor and other states where reports have been lodged against JJPTR to assist in investigations.
Police are expecting more reports to be filed nationwide and from other countries.
The latest money game operator who has gone into hiding is the founder of WMS Capital. It is believed that he held a hush-hush meeting with his management team last Wednesday, just a day before his scheme collapsed. The office has been closed since then. According to a neighbour, people have been turning up to seek refunds and enquire about the whereabouts of the boss and company employees.
The number of money game operators gone bust or on the verge of collapse is escalating, with the last count being at least 20 of such firms in trouble. A recent addition to the fallen list is Live Coin, which is believed to be involved in currency trading. Introduced last November, the scheme has stopped paying investors who put in as much as RM10,000 each.
So lucrative were the returns of money games that they attracted even loan sharks, who invested substantial sums, according to Kwong Wah Yit Poh Chinese daily.
May 18, Hunting Down Alex Wong
May 12, JJPTR Raid, Bank Accounts Frozen
Apr 25, Game Over for JJPTR?