KUALA LUMPUR, May 16 — Johnson Lee, the founder of the JJPTR investment scheme, was arrested in Petaling Jaya early this morning, according to The Star Online news portal.
Lee was reportedly detained with two senior aides.
The scheme came into public attention after Lee alleged that the company's network was “hacked”, which purportedly caused an estimated RM1.7 billion in losses to investors.
Police, the Companies Commission of Malaysia, and Bank Negara Malaysia jointly raided the JJPTR office in Penang last week.
The firm is believed to be at least under investigation under Section 420 of the Penal Code that pertains to cheating and dishonestly inducing delivery of property.
Bukit Aman CCID director Comm Datuk Acryl Sani Abdullah Sani confirmed the arrests, which he said were made pursuant to earlier investigations and raids on the firm.
“One of the them, who is also known as Johnson Lee Chong Sen, is suspected to be the mastermind of the investment scheme while the others played the roles of right-hand man and personal assistant,” Acryl said in a statement.
He also said police seized a Honda Accord, five mobile phones, various documents related to the scheme, cheque books, credit and debit cards, and over RM20,000.
All three men will be remanded for further investigations under Section 420 of the Penal Code.
JJPTR, a foreign exchange trading firm said to have been active for a year, and its affiliated JJ Poor to Rich and JJ Global Network were listed on February 24 on Bank Negara Malaysia’s website as unauthorised and unapproved companies.
The central bank had on its website advised the public to not deal with or be involved in such illegal financial service providers, warning that they would not be covered by consumer protection laws and that they may even be charged with aiding the illegal operators.
