Singaporeans victims in Australian Ponzi scam

Read? Singaporeans victims in Australian Ponzi scam


The scheme had 981 investors from Singapore, 651 from Malaysia, 58 from Britain, 17 from continental Europe and 31 from Australia

Many Singapore victims The Straits Times spoke to were retirees, like Mr Chan, who declined to have their identities disclosed.

Mr Chan had put in $20,000 in 2015 through Singapore-based Macro Realty Developments. Funds were collected from investors over four payments in 2015 .

CW8888: This is how Yield Pigs were slaughtered and many more yield pigs are waiting eagerly to be slaughtered. Blame Government for not doing enough to educate yield pigs???

He said interest payable for the 12-month tenure varied between 14 per cent a year for sums up to $49,000 and 16 per cent for $50,000 and above.

"Those who invested $100,000 or more were given free trips to the site area in Australia," he added. He lodged a police report in March last year after Macro defaulted.

Police declined comment as investigations are ongoing.

Said a female corporate executive who had invested in the scheme for long-term gain: "I am distressed and devastated, and trusted too much in the system."

Yet, others pulled out their sums in time. One investor named Mr Ho parked A$40,000 with Macro Realty Developments after hearing Ms Macpherson promote the Newman Estate investment in 2013.

He told ST: "Macro Realty Developments guaranteed monthly returns in the project. For a few months, I got my money. And then the hiccups came."

Red flags were raised when the company told him anti-money laundering requirements by the Australian government would delay returns.

By 2015, he had opted out, pressing Macro Realty Developments to return his money. And it did.

"Unfortunately, other Singaporean investors who faced the same problems as I did were encouraged to reinvest their money on more pricey property developments for larger monthly returns," said Mr Ho.