And that, too, just two weeks after it started operating.
Reports say as many as 1,000 people may have been affected and that total loss is around RM4 million.
Some of the victims have lodged a police report.
China Press reported that the scheme’s website was no longer accessible. It only shows a message that says: “under maintenance”.
It said the investors had been told that an investment of even RM500 would see a return of 6%. In addition, those who recruited investors for the scheme were promised a commission.
The Star quoted Serdang police chief Asst Comm Megat Mohammad Aminudin Megat Alias as saying that 15 people had lodged a report about the scheme.
The case is being investigated under Section 420 of the Penal Code for cheating.
Only recently, investors in the failed JJPTR investment scheme had complained about their losses.
The JJPTR scheme collapsed purportedly because of a hacked account. Reports said the company had lost US$400 million (RM1.73 billion).
The founder of JJPTR Johnson Lee has now unveiled a new scheme which promises an even higher return – 35%. His previous scheme promised 20% returns a month.