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Tuesday, 27 January 2015

S$50m lost in alleged scam


CW8888: Unending supply of yield pigs for slaughter. How come such thing keep happening?


Read? Smart Money Grabbers over dummy investors (7)

SINGAPORE: About 150 people have lodged a police report, after a company they had invested in became uncontactable.

The investors, who comprised both local and Chinese nationals, had invested a total of S$50 million.

Individual investments ranged from S$40,000 to S$8 million.

Under the so-called “Sure Win 4 U” scheme set up by a Malaysian company, the money received would go towards funding professional gamblers.

Alleged victims were lured by returns of as much as three times their investment at the end of two years. The scheme promised a monthly payout of between five and nine per cent on investment. The money earned would be in the form of online credits, which could only be converted into cash by the company's team leaders.

Alarm bells started ringing in September last year, when investors were unable to contact team leaders from the firm. The company's Kuala Lumpur office was abandoned when an investor visited in October.

Police confirmed they have received a report, adding that it was inappropriate to comment at this time.
Madam Lao, who invested S$200,000 in the scheme, said: "I was thinking we are going to retire, and this seemed like a good platform because memberships numbered over 100,000 from all over the world. And this is the first time we have invested in such things. I did not know this was actually a scam case."

11 comments:

  1. Hello CW,

    I am quite surprised that people are willing to bet their retirement fortune on a scheme that sounds a little too good to be true. I guess Greed still has a fair share of Singaporeans under his control.

    ReplyDelete
  2. The "SURE WIN" scheme already sound alarm. Yet some people still believe quick rich quick.... plain greed and ignorance.

    One victim chipped in $8M into that scheme.

    Ya right, they are gambler. They choose to take high risk for quick return. At the end, all their money evaporated into thin air.

    ReplyDelete
  3. So far, few colleagues at my place were conned by Sunshine Empire, OilPods, and many more on Landbanking because one ex colleague joined this landbanking company and more colleagues in turn got "hacked". by her.

    ReplyDelete
    Replies
    1. CW,

      Moral of story, be very "selective" on who we call "friends".

      To a snake-oil salesman, nothing jolts me more like a familiar face offering me something I can't lose one.... With a big smile even more frightening!

      Delete
  4. Ha! Ha!
    SMOL,
    Are you speaking of your glorious days as a furniture saleman? I think fortunately for us you did not start as a financial saleman. i did but failed . Try hard but can't find any snake - oil in me. Then I realised either you have it or you don't have it in you. You definitely have it.
    Ha! Ha!
    Thank you for let us know.

    ReplyDelete
  5. temperament,

    I almost joined the insurance industry as a recruiter, and I only lasted 1 week as a management trainee in a bucket-shop that trades silk cocoons from Japan!?

    That's during my lost years in my early 20s...

    Job-hopping also got its benefits - but that's only apparent when we connect the dots back.

    What to do? I have no plans, no goals, no ambitions - how to have those when I no idea what to do in life?

    I guess sometimes we have to "let go" and let the wind take us where ever it goes... (But like CW has said, this kind of grasshopper philosophy is not for everyone... It helps when I lean towards Taoist and Buddhist philosophies)

    ReplyDelete
  6. SINGAPORE - More than 100 unhappy investors gathered outside the Police Cantonment Complex on Monday to make police reports to the Commercial Affairs Department (CAD) about a local investment company.

    They had invested in a gold buyback scheme with Suisse International but claim that they have not received their promised monthly capital payouts since September.

    More recently, bosses of the company are alleged to have dropped out of contact.

    The investors present claimed to represent around 250 people who have lost an estimated total of $35 million.

    - See more at: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/more-100-investors-alert-police-about-local-investment-f#sthash.MndqzsXF.dpuf

    ReplyDelete
    Replies
    1. Why these people so easily con one?

      Another reason for G on why need to increase SA min sum?

      Delete
    2. We have many financial and investment educational programs and yet many people still tio conned.

      :-(

      Delete
  7. When you see this type of returns.... you better run. But some will still go in for a look and tio hock.

    ------------------------------

    Investment Summary

    Local Business Funding
    From 16% to 28% per annum returns
    Quarterly Pay-out
    Fixed maturity date
    Legal Protection

    http://credosingapore.com.sg/investments/transportation-firm/

    ReplyDelete
    Replies
    1. For me any financial product that has some clauses that "guarantee" you one way or another you better run as fast and as far away as possible. It's now too obvious to me if there is a "guarantee" to make money then who lose?

      Once i was too young to understand there is no such thing as guarantee without terms and conditions. Now i understand the word guarantee means nothing(no guarantee) with all the terms and conditions.
      See any word "GUARANTEE"-----RUN, RUN........

      Delete

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