Dear Mr. Tan,
Appreciate that you can help, this is because land banking involves many people whom I know (more that 10 people invested) and the total amount is huge. We have no avenue to seek help. CASE doesn't take care of Investment link issue. MAS said Land investment is not under them. I believe if this goes to the speaker corner of make public, there will be a lot of investors step forward. Hope that we can meet to discuss the case in more detail. Appreciate you reply.
IF YOU ARE INVOLVED IN LAND BANKING, AND YOU WISH TO MEET OTHER INVESTORS, PLEASE REPLY TO THIS SURVEY.
18 comments:
I would advise everyone to aviod land banking as it make no investment sense. It is more sensible to invest in local blue chip shares.
Those investors who get burnt have no hope at all to get any help.
John
Watch up, land banking is another big time conman job pending to explode.
Steven Tan
I don't understand of all investments in the world people would invest in landbanking or ostrich farms. So naive and not very street smart. There are vultures in the world keeping tabs on Singaporeans, even our GIC and Temasek got cheated. They are eyeing our wealth folks. You have to write off your investments as an expensive lesson learnt. You are not the only victim in this financial fiasco. Even the PAP govt is gullable.
There is something psychological about land banking here.
Because, in Singapore an ordinary Joe can never own a big piece of land. Or buy a good class bungalow.
But when the same is offered him overseas for the price of less than a 3 rm HDB flat, most likely he will jump at it without the realising the consequences.
Just like a man starved for quite long will jump at any good looking food. He is deprived for too long!
I mean when people can be easily hookwinked by overseas lottery "wins" or big "inheritance" from dead strangers, what else cannot?
Try writing to:
Maritime & Investment Fraud Branch
Commercial Affairs Department
http://www.cad.gov.sg/serv/rep/
There is an international survey done recently - Singapore civil institutions is the most efficient in Asia, but when something goes wrong, they are the least helpful.
Think MAS, Fidrec, the Prime Minister's Office, etc.
So you think This maritime & investment Fraud Brance Commercial Affairs Dept. is an exception? Can try, but prepare for disappointment.
It is very disappointed to learn that MAS and CASE do not deal with the Land Banking case.
It is suggested that all people involved in the land banking case put their heads together to address the issue as a group.
Someone promoted a land banking product to me a while back and I reported it to the CAD. As I did not invest in it and suffered no losses, I got the following reply:
"There are a few land banking investments companies in Singapore and they offer different promotions and also operate differently. We will act if any of the companies have flouted the law."
Ho Ban Hsiung, Insp
Maritime & Investment Fraud Branch
Commercial Affairs Department
http://www.cad.gov.sg/
Office : +(65) 6557 5459 | Fax : +(65) 6223 3171
What is the problem with land banking?
Our CAD will act if any of the companies have flouted the law. Since they have yet to act, this means these companies are still law abiding.
PS: Not vested.
Say good buy to your hard earned money. I think the chances of getting is back is even more slim as compared to people who bought those toxic products.
From UK Skeptics
http://www.ukskeptics.com/forum/showpost.php?p=71148&postcount=83
..........UK Land Banking plots are as useless as breast enhancement cream and a lot less fun to rub on your partner.
......Against this kind of clearly documented information the Land Banking salesperson may verbally claim inside information for fast track approvals that the local authority and general public is not aware of. The same tactic used is in pump and dump scams. Of course this shady wink wink nudge nudge conspiracy information will remain undocumented and is blatantly untrue. Land Banking does not cure cancer and Gordon Brown does not own 10% of the site.
As anywhere else in the world there is occasional corruption and insider dealing in the UK planning system. However why would a commission based land banking salesperson in an Asian shopping centre have unique access to that information worth millions of dollars when apparently nobody in the UK is exploiting it?
This is an overseas investment.
Go complain to UK authorities.
CASE and MAS are taking the famous Singapore "finger pointing approach". This is not my turf. Go and find someone else to take care of your problem.
A point to B. B point to A. The consumers go round and round. People with the power do not want to take charge. How can people without the power do anything?
Hi Mr Tan,
Isn't this the case where there is unfairness and injustice, yet nobody wants to take it head on to rectify it?
I remember not long ago a wine brokerage company, Universal Assets Group, also complaint by investors and an authority take charge. Was it CAD? This land banking should belong to the same category as the wine investment, in my opinion. If so, can also complain to CAD.
A Tan
Singapore is a trading country. If you advertise an amzing safe slimming drug in Singapore that kills people it doesnt matter that it was made in China. The local company that sells it to you is responsible for claims.
Many of these Land Banking companies were closed down for trying to operate in the UK and making false claims about benefits and not stating risks.
If the land banking issue is not under MAS and CASEs' purview, CAD should step forward to look into the complains.
The land banking issue seems very likely a scam. Why don't those affected investors jointly put up a case to CAD for investigation? CAD has no reason not to conduct investigation since so many persons complained about this. CAD should not wait until the issue become serious as the case of cheating in private schools, for which the China government warned their people to be careful for overseas studying in Singapore. Singapore looks like a place of swindling and our image is marred because of the indifferent attitude of the relevant authority.
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