An opposition MP has slammed the government's seeming inability to put an end to the "incurable virus" of investment scams.

"I urge Bank Negara to put in place tough laws against those who organise and carry out illegal investment schemes.

"Aren't the present laws not able to help the authorities take action against this new form of crime?" asked Selayang MP William Leong in a statement.

He said the matter cannot be taken lightly, as there are out there who are luring people to join such illegal schemes.

In the latest case, Penang-based money game firm JJ Poor to Rich or JJPTR, one of the biggest money game operators in the country, has claimed its accounts were reportedly hacked causing losses of RM500 million.

JJPTR claimed it had been planning to return the said funds to investors.

It was subsequently revealed the firm behind it, JJ Global Sdn Bhd, is a RM2 company that has failed to submit its financial accounts with SSM since it was formed, reported The Star.

Both Bank Negara and the ministry have advised the public to be wary of such schemes.

On Thursday, the Consumers Association of Penang (CAP) however questioned why Bank Negara allowed companies involved in such schemes to continue to operate.

"We do not believe the situation would have gotten so bad if Bank Negara had taken preemptive measures to put a stop to these money game companies," said CAP president SM Mohamed Idris in a statement.

Leong meanwhile urged the public not to be lured into such schemes, and hoped Bank Negara will put up a list of unlicensed investment schemes for the public's easy reference.