In China, the punishment for illegal fund-raising is severe. A tycoon raised money promising a high rate of return and was sentenced to life imprisonment. Article.
We have several similar incidents in Singapore, where high returns are being promoted. It may be possible that the promoters are operating a ponzi scheme, where the investments of the latter investors are being used to pay the high return promised to earlier investors. All ponzi schemes will fail, and will cause big financial losses to the unsuspecting investors.
It appears that no government agency is investigating some of these operations, in spite of complaints being made. The complainant is usually asked to report to another agency, which in turns points to another agency. This type of behavior appears to be quite common in Singapore.
I am writing this blog, so that the Government will be aware about the danger of allowing these possible ponzi schemes from growing too big. At least, they should make an investigation, so that the perpetuaters know that they are possibly breaking the law.
We have several similar incidents in Singapore, where high returns are being promoted. It may be possible that the promoters are operating a ponzi scheme, where the investments of the latter investors are being used to pay the high return promised to earlier investors. All ponzi schemes will fail, and will cause big financial losses to the unsuspecting investors.
It appears that no government agency is investigating some of these operations, in spite of complaints being made. The complainant is usually asked to report to another agency, which in turns points to another agency. This type of behavior appears to be quite common in Singapore.
I am writing this blog, so that the Government will be aware about the danger of allowing these possible ponzi schemes from growing too big. At least, they should make an investigation, so that the perpetuaters know that they are possibly breaking the law.
Well, as I had put it, the joke that is Singapore is getting "better" every other day. The Government & its Agencies are degenerating.... Soon, we will have a place that in Hockkian meant " no government" !
ReplyDeleteIt is already quite evident on our roads. Need I provide examples ?
Even with rules & laws in place, there is no enforcement.
Was told that Australians are very mindful of keeping to their speed limit & use of safety belts & child car seats/ boosters . No new born babies can leave the hospitals,I am told without proper baby carrier/safety restraints.