Thursday, August 08, 2013

Investment Scam

Here is another example of an investment scam, sent to me by an investor.

Quote: I was introduced to a 2 year saving plan in Dec 2010. I invested $30,000 in company J (recommended by my friend) and received $400 each month for 12 months. Company J stopped payment due to "GST problem". 

I asked for the balance of my invested sum to be returned to me. Company J issued a cheque that is post-dated 6 months later. I banked in the cheque on the due date and was told that there was no money in the bank account.

I lodged a complaint to the Commercial Affairs Division. There were many other victims out side the office of Company J, but they did not lodge any police report. There was no news from CAD abut their investigation.

I got into this problem as it was recommended by a friend, who worked as an insurance agent. I trusted my friend and did not check the background of Company J. Unquote:


zhummmeng said...

When it is too good to be true , it is.
What kind of insurance agent? Was he in cahoot with the company? Did he receive any commission for your investment or did he get a cut from your investment? Lodge a police report against your friend. He acted as agent to the company, therefore he is liable for the scam.

Tan Choon Hong said...

Sad but true. Young people coming into some disposable income and getting conned due to inexperience. The battle-scarred oldtimers have learnt early in life that if a deal sounds too good to be true, it really is. Singapore history in littered with many “investment” scams: Gemini Chit Fund, diamonds in sealed boxes, land parcels, Sunshine Empire, wines, gold bars, etc, etc.

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