JJ Poor to Rich founder charged with fraud
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JOHNSON Lee Chong Sen, the founder of forex trading entity JJ Poor to Rich (JJPTR), was charged with fraud at the KL High court this afternoon.
The 28-year-old bespectacled Lee was charged under Section 420, which carries a maximum 10 years imprisonment with whipping and fine if convicted.
He was accused of conning a 45-year-old victim of RM4,700 to invest in the money game on March 30 this year.
The offence was allegedly committed at the CIMB bank in Jinjang Selatan, Kuala Lumpur.
Also charged with Lee today were Pang Chee Peng and Lim Seong Wei. All three pleaded not guilty.
Magistrate Siti Radziah Kamaruddin set November 2 for mention.
All three were granted with RM4,000 bail each in one surety. They were represented by lawyers G. Jaya Prem and Nick Tan Meow Khoon
In May, police detained Lee and two others in Petaling Jaya for cheating after several police reports were lodged against the company.
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, Inland 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.
CCID director Acryl Sani Abdullah Sani said in May police have 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, claimed its trading account was hacked, resulting in losses of more than US$400 million (RM1.7 billion).
Lee told 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. – September 26, 2017.
