JJPTR, CYL, Richway Global Venture and BTC I-system all have one thing in common; they are major money game schemes that have been in the limelight recently but for the wrong reasons. But we do not believe that the situation would have gotten so bad if Bank Negara Malaysia BNM had taken preemptive measures to put a stop to these money game companies. We should note that BNM is the body tasked with enforcing the Financial Services Act Act which states that: Members of the public who participate in the illegal financial activities could also be charged under the law as abetting the operators of such illegal activities.

So we must ask, why are these companies being allowed to carry out their illegal operations and why are consumers being given a choice to deal in illegal financial activities by an authoritative body like BNM? To put this into perspective, let us focus on the money game company JJPTR. BNM claims that this company has been on their Financial Consumer Alert since Feb 24 of this year.

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But the company was allowed to continue operating and now consumers worldwide have lost out on a collective RM million the founder estimates only RM million. To top it off, the founder has come up with a new plan where he promises investors a 35 percent return on their investment - a figure much higher than the previous 20 percent which turned out to be unsustainable.

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Is BNM going to allow him to continue his alleged illegal operations? A statement by BNM over the course of the JJPTR saga that CAP had found perplexing is that they BNM will only investigate the company once a report is lodged.

Why do they have to wait for a report to be lodged by the public when they themselves have already declared this company is conducting illegal financial activities?

We understood that one of the functions of bodies like BNM is to protect the interest of the public. Why do they watch as people get cheated and then only take action when someone complains about being cheated? CAP asks that BNM take immediate action against money game companies like JJPTR as prescribed by Act and any other relevant laws. Advertising alone will not keep Malaysiakini afloat. But the journey continues. Help us deliver news and views that matter to Malaysians.

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