PETALING JAYA - The whereabouts of the self-proclaimed Chinese millionaire Zhang Jian remain unclear even after multiple raids have been conducted on his offices in the country.
While some sources said Zhang had fled the country, others claimed that he was still around, waiting to clear the air over his company YSLM.
"He is said to have passports of several countries," said a source. "We believe that he has fled the country."
Chairman of the company's charity wing, Datuk John Lee Kim Tian, said Zhang was still in the country and was "awaiting legal advice".
He would hold a press conference soon to address the issue personally, said Lee.
Domestic Trade, Cooperatives and Consumerism Ministry secretary-general Datuk Seri Alias Ahmad said it would act accordingly, including detaining Zhang for investigations.
He denied that the ministry apologised to the company over the action taken against it, as was widely circulated on social media.
"News about the apology and the intended return of all items seized from YSLM is false. We will continue to take stern action against any activities involving the company," he said in a statement yesterday.
Alias said initial investigations showed that Zhang came to Malaysia and set up a get-rich-quick pyramid scheme through YSLM, which was an illegal concern.
"The company is not registered with the Companies Commission of Malaysia and does not have a licence from the ministry to conduct multi-level marketing," he added.
Alias said the company, which claimed that investors only needed to invest RM300 to receive returns of between RM2,700 and RM6,000 a month without lifting a finger, was found to be conducting an online business.
He added that Zhang was also carrying out businesses under Cdtup International Sdn Bhd, which had obtained a direct-selling licence from the ministry.
Meanwhile, a report by Bernama quoted Alias as saying that some RM300mil had been collected under Zhang's scheme so far.
He revealed that the ministry started receiving complaints from victims two months ago.
"We believe the company began operations early this year," he added.
Searches were conducted at Zhang's office premises in Puchong, Selangor and Penang.
"While there, we found the company was not registered under YSLM, but under Cdtup," he added.