Magistrate Nur Amalina Mat Zaidan granted the police application for a three-day remand order against Lee and his two assistants.
Lawyers Jaya Prem G Krishnan and Mohd Shukri Ahmad Mansor represented Lee and the two suspects at the remand hearing today at the Klang Magistrate’s Court.
Jaya Prem added the trio were arrested after police received a report from a complainant, claiming he had lost RM56,400 in the JJPTR’s investment scheme.
Lee and the two suspects avoided the media when they were escorted out of court by the police.
Reporters from the Chinese media quizzed the suspects on what they had to say to their investors.
In a statement today, Bukit Aman Commercial Crime Investigation Department (CCID) director Acryl Sani Abdullah Sani said police had detained Lee and his two assistants early today.
They were nabbed to facilitate investigations under Section 420 of the Penal Code for cheating.
Police also seized a Honda Accord, five handphones, documents on the JJPTR investment scheme, 11 credit and debit cards, and RM20,936 in cash from the trio.
Last Friday, 20 officers from the federal police, Companies Commission of Malaysia (SSM) and Bank Negara Malaysia (BNM) stormed JJPTR’s office on Perak Road, Penang.
Inspector-General of Police (IGP) Khalid Abu Bakar later confirmed an investor and 19 JJPTR employees were detained during raids on eight premises in Penang.
Police froze five JJPTR bank accounts following a multi-agency crackdown led by the attorney-general’s chambers.
JJPTR was thrust into the limelight after it claimed that its funds were siphoned off by “hackers”.
This allegedly resulted in JJPTR losing over US$50 million (RM217 million).
Investors had gone knocking on JJPTR’s doors when their 20% monthly returns were not banked into their accounts last month.
On April 27, the company promised to refund all investment funds collected from its 31,000 members.
Lee said this was made possible through the injection of capital by a new pool of foreign investors.
He said refunds would be given to those who had just sent in their initial investment capital as well.