KUALA LUMPUR – The police and Bank Negara officers today raided blacklisted forex trading firm JJPTR’s main office in Penang.

The raid at noon today was carried out by around 20 personnel from the central bank, the federal police’s Commercial Crime Investigation Department (CCID) and the Companies Commission of Malaysia, The Star daily reported on its website.

The raid on JJPTR was carried out just within days after its bank accounts were frozen as part of police investigations on public complaints.

Bukit Aman CCID director Comm Datuk Acryl Sani Abdullah Sani yesterday revealed that the police had frozen five bank accounts that the money game firm was said to have used to receive money from “investors”, adding that this was done to prevent the funds inside from being shifted.

He declined to confirm if any of these accounts belonged to JJPTR founder Johnson Lee, but also confirmed then that no arrests had been carried out yet.

“This type of money game could be connected to money laundering, the police will need time to investigate the source and channelling of funds in that company’s bank accounts to determine if that company had breached the law,” he was quoted saying in a separate news report by vernacular paper China Press today.

According to China Press, JJPTR is being probed under Section 420 of the Penal Code for the offence of cheating and dishonestly inducing delivery of property, which comes with a penalty of minimum one-year to maximum ten-year jail term, whipping and a fine.

As for Lee’s appearance in Kuala Lumpur to meet a reported 100 disabled investors who were seeking refunds, local Chinese-language papers reported Sentul district police chief Asst Comm R. Munusamy as saying police personnel were not there to protect him but had been deployed to maintain order after hearing of the big crowd at the event.

In an interview published last week, Lee confirmed that his company had incurred losses of US$400 million (RM1.7 billion), but claimed he could return this sum to his 400,000 “investors” globally within five years.

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.

– Malay Mail