Authorities storm JJPTR office in Penang

jjptr-rushGEORGE TOWN: Some 20 officers from the federal police, Companies Commission of Malaysia and Bank Negara Malaysia stormed the JJPTR office at Perak Road here today.

At about 12.30pm, the officers rushed up to the first floor of the shoplot, ignoring questions by reporters about their presence.

Police then blocked the doors of the office, telling members of the media to “wait for Bukit Aman” to respond on the matter.

Police reportedly froze five JJPTR bank accounts following a multi-agency crackdown led by the Attorney-General’s Chambers.

JJPTR was thrust into the limelight after it claimed that its funds were siphoned off by “hackers”.

This allegedly resulted in JJPTR losing over US$50 million (RM217 million). However, unverified claims put the losses at more than US$400 million (RM1.7 billion).

Investors had gone knocking on JJPTR’s doors when their 20% returns were not banked into their accounts last month.

On Apr 27, the company promised to refund all investment funds collected from its 31,000 members.

Founder Johnson Lee said this was made possible through the injection of capital from a new pool of foreign investors.

He said refunds would be given to those who had just sent in their initial investment capital as well.