An investor called me. She invested a large sum of money in a land banking project with the promise of 12.5% interest on maturity at the end of 6 months. On maturity, the company did not honor the promise to pay back the investment. They asked her to extend the investment by another 6 months.
She visited a section in Hardware zone and was horrified to learn that many other investors was caught in a similar situation. She refused to extend the investment but the company has not paid back her money, in spite of her repeated requests.
The investor said that she was deceived because the land banking company had a Singapore Quality class awarded by Spring Singapore. She thought that this classification indicate that the company can be trusted to honor its promise.
The land banking company is conducting more road shows and investment talks, and more investors would be caught in this type of investment.
Many investors had already complained to the Commercial Affairs Departments of similar investments during the past year. Apparently, the CAD had not acted on these complaints. During this time, more people are being caught in similar dubious investments. It seems that a few million dollars of investments are being collected each month.
I am really at a loss on how to help these investors who were deceived by these investments. I hope that the newspapers will write a story about it. It should be a crime for the company to take deposits with the promise to return the money with interest, when they do not have a banking licence. How can the Authority stand by and allow such operations to continue?
Tan Kin Lian
- ► 2013 (348)
- ► 2012 (1270)
- ► 2011 (1873)
03/07 - 03/14
- Best places in the world to bring up kids
- Terminate a Revosave policy
- Promotion at i-Shop
- How little he knows the world
- Issues relating to productivity
- Pay TV operators to carry contents of third partie...
- Puzzles for school holidays
- A MLM scheme
- Land banking - more investors caught
- Investing in companies
- A tale of two neighboring countries
- Interest charge on installment payment
- Singapore Savings Account Rates
- Survey: e-filing of income tax
- Financial crisis in Ireland and USA
- Decreasing Term Assurance
- Benefit Illustration of new plans
- Disability income insurance
- Interest rate on bank deposits
- Yield on life insurance policies
- Shuttle service to Liang Court
- Improve productivity in Singapore`
- Benefit Illustration - distribution cost and effec...
- Possible double dip recession in USA
- Personal budget
- Cost of owning a car
- Advertising and impact on policy bonus
- Difficulty in submitting Income Tax statements
- Mortgage Protector from Aviva
- Appreciation to Minister Mah Bow Tan
- Replacing a whole life policy
- Regulating business practice of banks
- Excessive bank charges
- Prime Minister of China
- Sleeping in Parliament
- Home ownership and renting
- Petition - Employ Singaporeans First
- Possible security fraud - Toyota and Countrywide
- Dementia (also called senility)
- Challenging Sudoku
- Affordable housing
- Productivity and related issues
- Buying a life annuity for a parent
- Robert Kennedy on GDP
- ▼ 03/07 - 03/14 (45)
- ► 2009 (1655)
- ► 2008 (2105)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)