SHAH ALAM: A special task force comprising Bank Negara Malaysia (BNM), the police as well as the Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) has been formed to tackle issues arising from get-rich-quick schemes, said Deputy Finance Minister Datuk Lee Chee Leong.

“Undeniably, some of the existing laws are insufficient to deal with these issues because there are flaws,” said Lee, adding that re-examining existing laws and legislating new ones should be done as well.

“We will let the task force work on this (money game issues) and put forward the recommendation (to legislate new laws).

“The Government will look into it if it is necessary,” Lee told repor­ters after opening the 10th Angling and Outdoor Recreational Fair at the Setia City Convention Centre yesterday.

Lee was asked about the Penang-based financial scheme company JJPTR.

It was reported that the Cabinet had on Wednesday instructed the three agencies and other relevant departments to work on addressing the money game issue.

“Most investment schemes that promise unusually high returns in a short time are questionable and are bound to have problems sooner or later.

“Investors should have been extra cautious when something is too good to be true.

“And yet, many still jumped right in,” Lee said.

He also added that the task force was still ascertaining the grounds and nature of the violations committed by the firm.

When asked, Lee noted that the task force was not given any time frame to complete their investigations before submitting the findings and recommendations to the Cabinet.

“We take this issue seriously and that’s why the Cabinet has called for something to be done.

“If there is any violation of the law, the Government will definitely take action against the firm,” Lee added.

-The Star-