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Sinkie Investors caught in '$60m property ponzi scam'

dancingshoes

Alfrescian
Loyal
Investors caught in '$60m ponzi scam'


Around 60 people are claiming to have been duped by woman over 'sweet' property deals

By Joanna Seow

It started out as a sweet deal involving the buying and selling of properties in Singapore's choicest districts, promising around 30 per cent returns.
Now, around 60 investors have come forward to claim they have been duped in what could be a multi-million-dollar ponzi scam.
The investors said the alleged mastermind behind the elaborate scheme, Ms Leong Lai Yee, owes investors more than $60 million in capital alone.
They also told The Sunday Times that the woman, who is in her 50s, cut off contact with them last weekend, but not before telling them that their money was gone and she wanted to take her own life.
At least 10 investors have lodged police reports. The police said in response to queries: "It is inappropriate to comment on investigations."
The scheme may have started unravelling only last year, but it has been going on some 15 years.
Through the period, Ms Leong allegedly hooked more than 100 investors with her promise of a virtually no-risk programme.
On the "advice" of a banker, she would buy distressed properties in Orchard, Tanglin and Newton, which are on the verge of being repossessed by banks, and sell them to buyers in China for a profit.
Investors who pumped in money to fund the purchase of these distressed properties were promised returns ranging from 10 per cent to 48 per cent over a period of four to eight months, they said.
They were also told that the eventual buyers would place a 40 per cent downpayment on the property, which would be forfeited if these buyers backed out. This would be enough to pay the profits promised to investors.
The Sunday Times was shown business agreements between investors and Ms Leong guaranteeing their capital and pro-rated profit. The money which investors pumped in ranged from $10,000 to more than $2 million.
Those who referred friends were also given a cut, which could be anywhere from 1 per cent to as much as half of the new funds.
One investor, who gave her name only as Madam J. Tan, said Ms Leong claimed to be marketing high-end condominiums in Singapore's Districts 9, 10 and 11, although there were never any documents to prove this.
"We just trusted her because of the testimonies of those who knew her for a long time," said the 50-year-old, who put in $1 million and introduced several friends to the programme.
Among the investors were retirees and housewives like Madam Tan.
She said Ms Leong had urged people to withdraw their Central Provident Fund savings, borrow from their insurance policies or take a second mortgage on their properties to free up cash to invest.
Several investors were with the scheme for over 10 years, while the latest joined just last month.
Ms Leong, who was known to friends as Adeline, built up trust and goodwill over the years, even inviting investors over for Chinese New Year parties at her well-decorated semi-detached house in Tanah Merah.
"She is someone who sits down together with you, laughs, goes for dinner, holidays in Thailand and Hong Kong together with you. Will you suspect anything?" said a 58-year-old businessman who gave his name only as Mr S. Goh.
He had gotten to know Ms Leong in 2001, and together with friends and relatives poured more than $2 million into the scheme. He also put returns and referral fees back in as investments.
"There were never any problems. There were even people who pulled out early and got their capital and pro-rated returns back," he said, explaining why no alarm bells went off for so many years.
It appeared to be only in the past few years that things started going wrong and Ms Leong tried to raise more funds by offering higher returns of 35 per cent for a six-month contract.
This bears the hallmark of a ponzi scheme, in which fresh funds from new investors are used to pay those who joined earlier.
Last September, several investors received a text message from Ms Leong saying she would pay them only in December, but with additional interest.
A week later, she postponed payment to March 9. She told investors then she was trying to negotiate a $70 million deal that would allow her to repay everyone.
When March 9 came, payments were pushed to May 18.
Four days before the deadline, investors were asked for their addresses so they could be sent invoices. But instead of invoices, some of them later received a letter from Ms Leong in which she said she would kill herself.
She and her husband have been uncontactable since, investors said. Attempts by The Sunday Times to call her were unsuccessful.
Ms Chan Shwe Ching, an investor, began legal proceedings against Ms Leong last month. Her lawyer Michael Chia said the courts have allowed an injunction to freeze Ms Leong's assets within Singapore.
Ms Alina Sim, who is still Ms Leong's lawyer on record, said she was not at liberty to discuss the case.
Around 30 people have also hired a lawyer to launch a civil suit against Ms Leong, said an investor who gave his name as Mr Ong.
Mr Goh said he had dinner with Ms Leong just last month. Now, he and the other investors are hoping her family and the public will help to locate her.
"This is not a Korean drama, it is real," he said ruefully. "There are real people, real families involved."
[email protected]
Copyright © 2015 Singapore Press Holdings. All rights reserved.
 

JohnTan

Alfrescian (InfP)
Generous Asset
Thank God for CPF! If not, I wonder how many more morons will lose their life savings to get-rich-quick schemes? You would think that after so many past articles in the mass media about such schemes, sinkies would start to get less stupid. But no, there is really no shortage of dumb sinkies! Little wonder why PAP wants to phase out most of the sinkies and bring in better quality new citizens who aren't so gullible.
 

theblackhole

Alfrescian (InfP)
Generous Asset
money in cpf is still the safest

pap is the best bet

do not trust lengendary fartups with their crazy idea

cpf is the best
 

Microsoft

Alfrescian (InfP)
Generous Asset
gpgt...:biggrin:

ST_20150524_VNLEONG_1345405e.jpg
 

JohnTan

Alfrescian (InfP)
Generous Asset
money in cpf is still the safest

pap is the best bet

do not trust lengendary fartups with their crazy idea

cpf is the best

I agree. That's why I always wonder what sinister intentions Roy has, when he keeps wanting our good government to allow sinkies to withdraw their savings at 55? As for me, I feel rich whenever I look at my CPF statement.
 

dancingshoes

Alfrescian
Loyal
many sinkies never realise that in singapore, there is no room to run a scam or anything that defy the law. if you want to strike it rich by doing illegitimate business, you better pack your bags and leave for china or malaysia, countries where civil serpents are corrupted.
 

virus

Alfrescian
Loyal
thanks to the astute policies of FAP, they have made it possible to scam off $60mil from rich idiots.
 

neddy

Alfrescian (Inf)
Asset
Investors caught in '$60m ponzi scam'


Around 60 people are claiming to have been duped by woman over 'sweet' property deals

"This is not a Korean drama, it is real," he said ruefully. "There are real people, real families involved."
[email protected]
Copyright © 2015 Singapore Press Holdings. All rights reserved.

It is a K drama, just the investment returns can make it drama DREAM HIGH HIGH.

listen too much to PAP, tbe ground is SWEET!
 

syed putra

Alfrescian
Loyal
Assuming you invest $50k, and find down line to invest same amount and eventually no need to pay bank for the house. How?
 

Wunderfool

Alfrescian (Inf)
Asset
At the height of the property boom, many a Ms Leong will get together a bunch of investors to invest in properties, hoping to flip when the property price goes higher even before the property gets TOP. But in the last few years, the Singapore government has introduced a number of cooling measures aimed at curbing excessive speculation ; ABSD, SSD, TDSR that essentially kill off the speculative froth. For Ms Leong, there are not many opportunities in Singapore to target at. Even for distressed properties in prime districts, there are few buyers from overseas because of the additional 15% ABSD.

Perhaps, she has also gone into Malaysia Iskandar for flipping only to realize that the Iskandar is a pipe dream; a hole digged for foreigners to go in and be trapped with the introduction of a new minimum purchase price of $1M Ringgit, 30% capital tax and now with designated zones for foreigners purchase only.

For those who invested with her, this is no difference from the Madoff's Ponzi scheme. When you want to get rich quick, you throw caution to the wind. Who wouldn't with 30% return in less than a year ?!

If it sounds too good to be true, it probably is.
 
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Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
The police said in response to queries: "It is inappropriate to comment on investigations."

How come this police fuckers have no problems commenting on Roy and Amos investigations?
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Thank God for CPF! If not, I wonder how many more morons will lose their life savings to get-rich-quick schemes? You would think that after so many past articles in the mass media about such schemes, sinkies would start to get less stupid. But no, there is really no shortage of dumb sinkies! Little wonder why PAP wants to phase out most of the sinkies and bring in better quality new citizens who aren't so gullible.

You mean morons like this stupid bitch Ho Ching who believed in get rich schemes and lose $58 billion in 8 months? This is the dumb sinkie you are referring to?

SINGAPORE -- Singapore's state-owned investment company Temasek Holdings Pte. Ltd. lost 58 billion Singapore dollars (US$39.91 billion) from the end of March 2008 to November 2008, or a little over than half of its portfolio-value gains from the previous five years, the city-state's finance minister said.
 

xpo2015

Alfrescian
Loyal
Rich already still not enough want to be more rich? Then lost everything. Its okay lah. Only chump change.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Translation: We cannot comment because we haven't started investigations.

Real Translation: We already started investigations long ago. But waiting in case this woman is a super White Horse and related to PAP elites, in which case we make sure we don't make anyone mad.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
At the height of the property boom, many a Ms Leong will get together a bunch of investors to invest in properties, hoping to flip when the property price goes higher even before the property gets TOP. But in the last few years, the Singapore government has introduced a number of cooling measures aimed at curbing excessive speculation ; ABSD, SSD, TDSR that essentially kill off the speculative froth. For Ms Leong, there are not many opportunities in Singapore to target at. Even for distressed properties in prime districts, there are few buyers from overseas because of the additional 15% ABSD.

Perhaps, she has also gone into Malaysia Iskandar for flipping only to realize that the Iskandar is a pipe dream; a hole digged for foreigners to go in and be trapped with the introduction of a new minimum purchase price of $1M Ringgit, 30% capital tax and now with designated zones for foreigners purchase only.

For those who invested with her, this is no difference from the Madoff's Ponzi scheme. When you want to get rich quick, you throw caution to the wind. Who wouldn't with 30% return in less than a year ?!

If it sounds too good to be true, it probably is.

$60 million property scam is nothing lah. HDB has a $60 billion property scam going. Its call "own" your flat when you are actually renting only.
 

bigboss

Alfrescian
Loyal
Thank God for CPF! If not, I wonder how many more morons will lose their life savings to get-rich-quick schemes? You would think that after so many past articles in the mass media about such schemes, sinkies would start to get less stupid. But no, there is really no shortage of dumb sinkies! Little wonder why PAP wants to phase out most of the sinkies and bring in better quality new citizens who aren't so gullible.

After these new imported shitizens became sinkies, they would also learn to become greedy too like those stupid sinkies under the pappies' policies of glorifying wealth and seeking more wealth as the way forward to a good life through gaming at the casinos, get rich scheme, investing in foreign properties with crooks, etc.
 

numero uno

Alfrescian
Loyal
$60 million property scam is nothing lah. HDB has a $60 billion property scam going. Its call "own" your flat when you are actually renting only.

i bet xebay11, sggonewrong and narong all shiverinig in their pants seeing thoer beloved pigeon holes become rat holes. hahhaha all those morons and shit heads , served them right!!! love this sort of news of idiots who always think property investment would always get rich and start flipping.I myself know of alot of people sweating right now based on bank info I got hahahahhahah.
 

bigboss

Alfrescian
Loyal
....Even for distressed properties in prime districts, there are few buyers from overseas because of the additional 15% ABSD....

Leong had the rosy life before Xi went all out to eliminate "the tigers and the flies" because these distressed properties attracted only those rich PRCs with the money to buy, money from ill gotten gains or embezzlement.

The tiongs love to invest in sinkie land due to political stability and strong rule of law but when Xi started to swing his hatchet, many tiongs pulled back their investment foreign properties to avoid the hatchet and kept low profile. The 15% ABSD is just peanuts to the devil may care tiong investors but Xi's hatchet is a real threat.

As long as the corrupts and thieves from PRC were thriving, Leong would always have the rosy life but when the tide changed, she was trapped. As reported in the news, she was in the game for more than 15 years until Xi came along.
 
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