Police confirmed that more than 20 reports have now been lodged against Mr Ang. The alleged victims, mostly in their 20s and early 30s, have set up a WhatsApp chat group to share information.
Their losses are estimated to total more than $1 million, according to fellow victim Lau Cheng Yi. The 22-year-old, who runs a food and beverage business, lost about $55,000 in cash and three luxury watches valued at $72,000 in total.
CW8888 : Don't Be A Yield Pig!
"He promised returns of 2 to 10 per cent every month," said Mr Lau. "I did not get a single cent and he is now uncontactable."
CW8888: Anyone who claims that he/she can show you better investment return from these world best known investors is a damn RED FLAG! It doesn't matter whether it is course, scheme, methodology or strategy.
Mr Lau said he met Mr Ang in March at a roti prata restaurant in Upper Bukit Timah. "He came in a Nissan GTR sports car and was wearing Louboutin shoes and a Rolex watch," Mr Lau said.
Attracted by the promise of "risk-free returns", Mr Lau handed over his Audemars Piguet Las Vegas watch worth more than $30,000 on the spot. A day later, Mr Ang opened an online account for Mr Lau at the Keystone Trading website with 20,000 credits to his name.
Over two more months, he progressively invested more money after being persuaded. By June, he had put in $127,000.
He sensed something was amiss that month when the website was down. He met Mr Ang at the void deck of his Bangkit Road Housing Board flat. He said Mr Ang claimed that his boss - "Sky" - had run away with the money and promised to look for him to return it.
Other victims said Mr Ang assured them the betting programme was legal as the bets were not placed in Singapore, but through Keystone Trading's offices located in Shenzhen, China, and the United States.
Read? 20 say they lost $1m in investment scam
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Sad sad... why every now and then people can fall into this type of scam?
ReplyDeleteDue to greedy and ignorance?
It use to be old folks kena scam, now young men (work in bank) who is financial savvy also become 'bei kamping'.
Buy me kopi o kosong and it is the cheapest and learn how not to be a yield pig. Lol
ReplyDeleteBuy me kopi o kosong and it is the cheapest and learn how not to be a yield pig. Lol
ReplyDeletescam like these will always happened
ReplyDeletehumans are greedy
Know what is scam and how to avoid them.
ReplyDeletehttps://www.scamalert.sg/
temperament,
ReplyDeleteYou think why less educated parents (during my time) like to warn their young children not to talk to strangers in the street? Wait they kidnap you!
I suspect more educated parents today don't give this warning anymore. Singapore safe what?
You know what? I think we can put this test for anyone who wants to "invest":
"You got read newspapers?"
"No."
"Sorry, you are not qualified to invest. Next!"
temperament,
ReplyDeleteJust say, "If I bring in more bei kambings into this "sure-win-once-in-a-lifetime-business-opportunity", what's my cut?"
2 things will happen:
1) The snake-oil may beat a hasty retreat as he knows you are snake-oil "同行"...
2) He tells you everything about the generous commissions and kick-backs you'll get - he newbie snake-oil.
If one does not know if you're rewarded more for bring new customers in than selling the actual product or services is a scam, nothing will save you!
No cure for stupidity.
Sorry.
temperament,
ReplyDeleteI don't think the 22 year old is telling the whole truth...
I believe he got "incentives" to rope in his friends and family. If not where got people so "kay poh" one?
The obvious "psycho" is the car, shoes, and watch.
The less obvious but more powerful "psycho" is using friends to sell to friends - Tupperware parties, MLM, insurance; etc.
My friend must have my best interest in mind right?
Same for idol worship - using celebrities to endorse products and services to their fans and followers.
Jedi mind tricks will only work on feeble minds.
And yes, the 22 year old not clear headed to verify why someone who drives a Nissan GTR and wears a Rolex is living in a HDB?
temperament,
ReplyDeleteLOL!
If one is ostentatious - flashy watch and luxury car, then living in a HDB means he is not as "successful" as he seems. That Mr Ang is merely using the car and watch as "props". No different from anyone of us who is trying our best to "look" rich and successful to our neighbours or colleagues.
Of course a multi-millionaire can stay in a HDB flat - but if he wants to be low key, he would drive a Japanese car and wear a Seiko ;)
I've seen a hawker driving Mercedes (fruit drinks seller opposite harbour front); but I do not know of any hawker living in 1 room HDB driving luxury car - are you making this up? Sure or not?
But of course a high level scam artist is hard to tell... Like that Property Scam lady who lived in landed property and spent lavishly on her clients. Then the only defence is our common sense and sixth sense.
Told you already, I suspect the 22 year old got kickbacks for introducing new clients to Mr Ang.
If no, then I can understand why the young guy is so depressed...
Want to earn money? Learn it the hard way. Do it yourself. No one is more concern about your money than yourself.
ReplyDelete