Firm accused of cheating investors changes name, stays in business

The Malaysian-owned company that swindled millions of dollars from local investors has changed its name and is now being run by two Myanmar people, U Kyaw Swa Hein, a former director of the firm has told the media.

The owners of Myanmar Junwell Global Co. Ltd – Loh Yun Poh, alias Mr. Alan, Wong Jyh Huem, alias Mr. Danil, and Darren Lee Sin Loong, alias Mr. Bryan – disappeared after investors reported to Kamayut township police station on September 3 that the firm had swindled them of more than US$1 million (K1.36 billion).

After the police report was filed, the company’s name was changed to J Card Business and two Myanmar citizens began operating the firm, one of the investors, U Kyaw Swa Hein, who said he lost K120 million in the swindle, told a news conference in Yangon on September 15.

“Three Malaysians, the owner and associates of Myanmar Junwell Global Co. Ltd, withdrew investors’ money from the bank and ran away, but the company is operating again under the new name J Card Business at their original office,” U Kyaw Swa Hein said.

The new company’s managing director is U Zaw Lin Myat and its director is Daw Thazin Nwe, who are former senior officials of the old company.

Myanmar Junwell Global Co. Ltd, with registration No. 1924/205(YGN), listed Myanmar citizens Daw Nwe Nwe Aung and Daw Wint Wah Phyu as directors with the Directorate of Investment and Company Administration. The new name J Card Business firm is not listed with the DICA.

“The purpose of my news conference is so that other people are not cheated like me. I resigned from the company on June 6 but they forged my signature, and I am now very much afraid of the business,” U Kyaw Swa Hein said.

After registering in 2014, the firm invited investments in the online gold and foreign exchange market. It said investors would receive monthly interest payments but could not withdraw their principal for one year.

Last week, Sub Lieutenant Soe Thu of Kamayut police station told The Myanmar Times that 15 people had filed complaints against the company and the suspects, claiming a total loss of about $1.5 million.

In 2016, the company launched J Coins mobile application to attract customers with discounts at restaurants and shops, but it wasn’t successful.

However, J Card continues to do business at its office in the Diamond condo centre at Pyay road and Nar Nat Taw street in Kamayut, U Kyaw Swa Hein said, and those who lost money in the scheme have been unable to take legal action against them.

Source: Myanmar Times