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Car dealer took 'more than $3m in deposits'
97 people claim to be 'victims' of parallel importer Volks Auto
Published on Dec 19, 2014 8:31 AM
More than 20 people gathered outside Volks Auto, a car dealership in MacPherson Road, on Monday, Dec 15, 2014. As of 4pm on Thursday, there were 97 "victims" in a list compiled by Mr K.K. Lo, who is leading the group of disgruntled customers. -- ST PHOTO: AZIZ HUSSIN
By Kok Xing Hui
Car buyers claim they have lost more than $3 million to Volks Auto after paying deposits for imported models that never arrived.
As of 4pm yesterday, there were 97 "victims" in a list compiled by Mr K.K. Lo, who is leading the group of disgruntled customers. The average amount they had paid in deposits was $20,000 to $30,000.
Volks Auto owner Alvin Loo, 36, has gone missing and the dealership's doors have been shut since last Saturday when the first group of buyers made their police report. Customers said his phone had an overseas ringtone when they called him last Thursday, and the unanswered calls led to voicemail messages from Hong Kong and later China.
Calls to his mobile number yesterday could not be connected.
According to a neighbour, Mr Loo's house in Jalan Melor has been empty for about two weeks. He used his home address to register his business. Retiree Eric Soh told The Straits Times that three or four men and a woman moved into the bungalow three months ago. Two weeks ago, he saw lorries arriving to take away furniture and he has not seen any movement in the house since. "They kept to themselves and never said hi," he said.
Parallel importers, such as Volks Auto, purchase cars from dealers overseas and sell them in the local market for a profit, typically at prices lower than authorised dealers'.
Another parallel importer, Swift Garage, has offered to sell cars to Volks Auto's customers at "close to cost price" and without a deposit. Swift Garage partner Lee Yee Theng said he wants to redeem confidence in the parallel import industry, adding he had not received any inquiry calls since the news about Volks Auto broke on Monday.
Police classify Volks Auto case as cheating, seek firm’s owner
By Kenneth Cheng, TODAY
POSTED: 24 Dec 2014 07:12
UPDATED: 24 Dec 2014 07:13
TODAY reports: Police are working to track down Volks Auto owner Alvin Loo, who is said to have left the country early this month, while more than 100 customers are scrambling to reclaim down payments totalling more than S$3 million.
Volks Auto, the company believed to have scammed more than 100 customers.
SINGAPORE: The police have classified the case involving Volks Auto - which has left more than 100 customers scrambling to reclaim down payments totalling more than S$3 million after it shuttered - as a case of cheating and are working to track down its owner Alvin Loo, who is said to have left the country early this month.
Mr K K Lo, an affected customer, said he was informed of this when he and more than 60 others gathered at the Bedok Police Divisional Headquarters on Tuesday (Dec 23) for a briefing on the case.
Speaking to reporters after the briefing, Mr Lo, who spoke on behalf of some of the affected customers, said the meeting, which lasted about an hour, was “friendly” and most of the victims present were “pretty calm”.
The 53-year-old IT manager added that the briefing was followed by a question-and-answer session in which the customers asked the police about the number of people involved in investigations, the whereabouts of Mr Loo and where their money was.
When contacted by TODAY, the police said: “The police confirm that the case has been classified as cheating. However, it is inappropriate to comment further as police investigations are ongoing.”
Mr Lo said he knows of 108 victims so far, who made down payments amounting to about S$3.6 million.
Most of the affected customers who attended the briefing felt more reassured afterwards, he said. “They are quite satisfied with the police report up to this stage.”
Moving forward, Mr Lo said at least 60 affected customers are looking into the possibility of buying cars from other dealers as a group. They will seek the guidance of vehicle associations such as the Automobile Importer and Exporter Association (Singapore) before proceeding, he said, noting that a group purchase would allow them to buy their vehicles at a discount.
“Hopefully, it will help minimise ... a little of the lost amount for the affected victims,” he added.
Volks Auto boss left S'pore well before reports lodged
AsiaOne | Wednesday, Dec 24, 2014
SINGAPORE - Volks Auto owner Alvin Loo left Singapore in early December, The Straits Times quoted police as saying, well before car buyers gathered to look for him outside the car dealership along MacPherson Road on Dec 15.
Mr Loo, 36, allegedly took more than $3 million in deposits from customers but failed to deliver the vehicles they bought.
Mr K.K. Lo, who leads a WhatsApp chat group for the customers, told The Straits Times that the police met about 60 of them on Tuesday. The police fielded questions and updated the alleged victims on investigations, he said.
He added that they were asked not to divulge further details although he was satisfied with the updates, The Straits Times reported.
"He said they were also told that all of Volks' employees had been investigated and that the police had 'mobilised all possible resources to track down the suspect'," the paper said.
