JOHNSON Lee, the founder of forex trading entity JJ Poor to Rich (JJPTR), was arrested early today.

The 28-year-old was detained in Petaling Jaya about 4.30am with two others. JJPTR is being investigated for cheating after several police reports were lodged against the company in recent weeks.

The arrest came after various authorities raided eight JJPTR premises in Penang and detained 15 employees and four investors for questioning and documentation.

Officers from the Bukit Aman Commercial Crime Investigation Department, the Anti-Money Laundering Act investigation team, Bank Negara, Internal Revenue Board, National Revenue Recovery Enforcement team, Cyber Security and the Companies Commission of Malaysia also confiscated documents, computers, other equipment and cash during the raids. 

Last week, CCID director Commissioner Acryl Sani Abdullah Sani said police had frozen several accounts belonging to the company based in Penang under the Anti-Money Laundering and Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

The company, which had been offering services without authorisation from Bank Negara Malaysia, had claimed its trading account was hacked last month, resulting in losses of more than US$400 million (RM1.7 billion).

Lee had been telling the more than 31,000 investors that he would refund them and that JJPTR had introduced a new investment plan to replace the forex trading scheme.

The forex trading scheme started in May 2015. It offered investors 20% monthly returns for investments as low as US$25 to a maximum US$1,000.

Acryl confirmed today’s arrest, adding that police seized a car, 11 credit and debit cards, and RM20, 936. The trio are being investigated for cheating and will be produced at the Klang magistrates’ court at 2pm. – May 16, 2017.