INVESTORS are left wondering “what next?” now that forex trading entity JJ Poor to Rich (JJPTR) founder has been arrested by police for fraud.

Simon, who had been an investor for almost a year, said he had not been able to find out what JJPTR planned to do after this.

He said things seem to be more complicated now with police reports lodged and Lee hauled in.

“I don’t know what’s the next step for them. I do not have any news from my up-line. He told me there is no further info. Maybe those above him are just as helpless and clueless, or they can’t say anything yet,” the Penangite in his 30s told The Malaysian Insight.

Simon had made his money, earning his capital of US$1,000 (RM4,300), since he joined last year; but he has relatives and friends who had just invested in the scheme and were more concerned about their refunds.

“They had submitted their information to the company to get back their money. Hope things will work out,” he said.

JJPTR, which started business in May 2015, offered investors a guaranteed 20% monthly return for investments as low as US$25 to a maximum US$1,000.

Things went smoothly for both the company and its 400,000 investors in Malaysia and abroad until late last month when Lee claimed JJPTR’s trading accounts were hacked, causing losses of over US$400 million.

The alleged hack caused concern among investors and some reportedly lodged police reports, which started the police’s probe into JJPTR for alleged cheating.

Since late last month, JJPTR’s offices have been collecting information from members to speed up the refunds.

Lee himself had posted several videos on JJPTR’s Facebook page over the last few weeks to reassure investors that he had not run off with their money and he was trying to repay them.

Last week he appeared at an event organised by Gerakan in Kuala Lumpur to refund investors with disabilities.

But last Friday, authorities including the police and Bank Negara Malaysia (BNM) raided eight JJPTR premises in Penang and seized documents, computers and other items.

The police also recorded statements from 15 JJPTR employees and four investors to assist investigation.

Since the raids, JJPTR offices have been closed. An employee from a restaurant two doors from JJPTR’s main office on Jalan Perak said the office had been closed since the raid.

“Nobody has come to open the office since the raid. Only a few investors came and when they saw the door closed, they left,” she told The Malaysian Insight.

Raymond, another investor from Penang, where JJPTR is based and has the most investors, said he too was wondering what was going to become of the company and the US$500 (RM2157.75) he invested just a few months ago.

However, he sounded resigned and ready to accept the worst, should he failed to recover his capital.

He said he could not blame anybody since he decided to invest when a relative told him about JJPTR.

“When you go into schemes like this, you know the risk is high. As they say – high returns, high risks.

“I was aware that I might lose the money, but I can’t say I have huge regrets. I only invested a little,” the man in his 40s said.

Raymond still sounded optimistic that things would work out for JJPTR.

“I know many people are accusing him of scamming investors but if you compare him to others like the Red Island scam, Lee is still here.

“Lee didn’t run from Malaysia like other scammers who had disappeared overnight. He stayed and even got himself arrested,” he said.

Raymond also said to Lee’s credit, the 28-year-old had been trying explain and refund investors.

But with Lee now in police custody for investigation, Raymond believed the refunding exercise might be affected.

“It may be, more or less. But I don’t think it is going to be very serious. I think he will be released,” he said. – May 16, 2017.