JJPTR Offers ‘Better’ Plan

JJPTR Offers ‘Better’ Plan - After the spectacular collapse of his previous financial scheme, purportedly because of a hacked account, controversial scheme operator Johnson Lee has rolled out a new plan, claiming to offer even better returns.

While JJPTR’s earlier scheme – which ended with RM500mil missing from the company’s account – offered returns of 20% a month, this new one offers 35%.

On top of that, it offers special lucky draws with a new car, motorcycles and smartphones as prizes.

What the company did not say in the shining glossary of the new plan is how Lee plans to address the US$400mil (RM1.73bil) losses he claims the company has incurred.

The new scheme also does not explain how he plans to repay those who lost their money to the earlier scheme.

The one-and-a-half minute video Lee uploaded shows that the new plan is based on a “split mechanism” and has three rounds.

The initial investment in US dollars is “split” or doubled in each round. Half of it is re-invested in the scheme and rolls over to the next round.

Each round lasts 10 days and investors are allowed to convert their earnings back to ringgit after three rounds.

Anyone who invests US$1,000 (RM4,331) is expected to receive US$450 (RM1,949) in each round, making it a return of US$1,350 (RM5,847) by the end of round three.

Under the proposed new scheme, investors will also be rewarded with JJ Points, which can be used in exchange for goods via its shopping platform JJ Mart.

The new scheme was announced by the 28-year-old Lee last Tuesday after news broke that his company had gone bust.

The company did not say when the new plan would start.

Attempts to contact Lee were futile and the number listed on the JJPTR Facebook page is already out of service.

A visit to the company’s offices in Penang showed that investors were no longer lining up for answers.

Instead, the staff, who preferred not to be photographed, were seen sitting at empty counters.

Penang-based JJPTR, or Jie Jiu Pu Tong Ren in Mandarin (salvation for the common people), came under the spotlight when investors complained that they did not get their scheduled payment last month.

JJPTR, JJ Poor to Rich and JJ Global Network are among the entities listed as unauthorised companies under Bank Negara Malaysia’s Financial Consumer Alert.

Records from the Companies Commission of Malaysia showed that JJ Global Network was a “RM2 company” owned by Lee and his former girlfriend Tan Kai Lee, 24. Each hold a single share.

Lee’s father Thean Chye, 58, and Tan are also directors of another company called JJ Global Network Holdings Bhd.

Thean Chye, who was an assistant professor at Southern University College in Johor, resigned on Wednesday after the JJPTR losses came to light.