PUTRAJAYA: Controversial foreign exchange trading company JJPTR is currently being investigated for its dubious investment schemes.
The matter was confirmed by Domestic Trade, Co-operatives and Consumerism Minister, Datuk Seri Hamzah Zainuddin.
“We are investigating the company and the individuals involved,” Hamzah told the press during a special briefing on money game and illegal investment schemes in his office today.
“The investigation is led by the police and it involves all relevant agencies as well.”
He said the government has never given any forex investment companies the licence to operate legally in Malaysia.
He advised the public to lodge an official report with the ministry if they know of any individuals or companies offering forex investment schemes.
Penang-based JJPTR came under fire recently after investors complained that they have not been receiving their scheduled payment.
It was reported that the company claimed that its accounts had been hacked, which has resulted in losses of RM500mil.
“A lot of Malaysians are gullible. My advice to the public is not to believe anyone who has cheated you once,” Hamzah cautioned.
“I’ve been a businessman before I became an MP. Anyone who says you can get 20 per cent return on your investment per month is a conman.”
Since 2012, the Trade Ministry’s enforcement team has taken legal action against 198 companies for breaching the Direct Selling and Anti-Pyramid Scheme Act (AJL SAP 1993) with the total asset confiscated standing at RM5.8 million.
Hamzah reiterated that schemes such as money game, get-rich scheme, Ponzi scheme, forex scheme and gold investment scheme that operate under multi-level marketing (MLM) umbrella is a main offence under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFAPUAA) 2001.
Bank Negara Malaysia (BNM) has also set up the National Coordination Committee, which includes BNM, the Trade Ministry, the police, Companies Commission of Malaysia, and Securities Commission to coordinate enforcement activities under the AMLATFAPUAA 2001.
The ministry’s hotline is 1-800-88-6800.