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Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapore

xingguy

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Source: Straits Times

Scam victims from China who allegedly lost $1.6 billion look for clues in Singapore

Published on Jun 20, 2015 12:02 PM

scam200615e.jpg

The seven investors from China turned up at the flat of one of the alleged scammers, holding messages reading
"Return our hard-earned money".


By Aw Cheng Wei And Toh Ting Wei

Ripples from a scam that has allegedly cost Chinese investors US$1.2 billion (S$1.6 billion) touched Singapore's shores yesterday.

A group of angry investors from China showed up at a flat in Sengkang yesterday afternoon to demand their money back from a Singaporean employee of the company that allegedly caused thousands of investors to get their fingers burnt.

The seven, who had flown in from Beijing on Sunday, knocked repeatedly on the door of a Singaporean's flat for two hours to no avail.

He purportedly worked for API Premiere Swiss Trust AG - a finance firm that has reportedly cost almost 30,000 investors from China US$1.2 billion of their savings.


In the five days here, the investors have engaged lawyer Chung Ting Fai and lodged a police report with the Commercial Affairs Department.

They left a note written in Chinese on the man's door. It read: "Return our hard-earned money."

Street protests were held in Beijing and Hong Kong earlier this year when investors realised they might have been duped.

In January, API sent out a message informing investors that its servers had been hacked.

Investors could not access their accounts and were told that their money was gone.

Mr Zhao Guangcai, the group's leader, said in Mandarin: "We went to Switzerland and found out that the company was a shell."

The police had sealed doors to its so-called headquarters.

The group in Singapore said they had invested through another Singaporean, who visited China and held seminars in Beijing.

Some investors were also invited to all-expenses-paid trips to Switzerland - where they met with traders - and Dubai.

They saw forex trading rooms, where traders worked and made deals online.

Most investors had started by investing about US$10,000 and could withdraw their money any time they wanted. They got back their principle sum - with 8 per cent interest - within a week.

Over time, they began to pump in more money. Mr Zhao and Ms Miao Lihua, 33, who owns a fashion company, put in more than US$1 million each.

Now, they want their money back.

The group, due to return to China yesterday, extended their stay after realising that one of the company's employees was in Singapore.

So far, they have spent about $10,000 each, flying around the world to look for leads.

They plan to stick around the Singaporean's registered address to demand an explanation from the employee.

Mr Zhao, 58, said: "He is the closest clue we have to getting our money back. We are not giving up so easily."

According to Chinese evening daily Lianhe Wanbao, the Singaporean said he was also a victim and that the company owed him $30,000 in wages.

He blamed the other Singaporean, whose registered flat in Mei Ling Street is empty, for roping him into the business.

"I have been looking for him since the start of the year, but I can't find him. I don't want to talk about this incident any more. I just want the situation to be over," he said.


[email protected]

[email protected]


End of Article​

 

xpo2015

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Die now Singaporeans are being known as dishonest people. How ironic when we keep bashing PRCs. 风水轮流转!!!
 

xingguy

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Die now Singaporeans are being known as dishonest people. How ironic when we keep bashing PRCs. 风水轮流转!!!

Don't be too sure now. For all you know, these two Singaporeans are just blur fuck runners and mastermind behind all this is a Ah Tiong.

According to Chinese evening daily Lianhe Wanbao, the Singaporean said he was also a victim and that the company owed him $30,000 in wages.

He blamed the other Singaporean, whose registered flat in Mei Ling Street is empty, for roping him into the business.

"I have been looking for him since the start of the year, but I can't find him. I don't want to talk about this incident any more. I just want the situation to be over," he said.
 

virus

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Die now Singaporeans are being known as dishonest people. How ironic when we keep bashing PRCs. 风水轮流转!!!

sounds like ministerial quality
 

johnny333

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Doubt that the local employees are the real criminals.
Their bosses who are probably foreign talents behind these schemes.

If you have $$$ would you stay in a HDB estate :smile:
 

dumbo

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Doubt that the local employees are the real criminals.
Their bosses who are probably foreign talents behind these schemes.

If you have $$$ would you stay in a HDB estate :smile:

This is a Sinkee operations. About 6 to 7 sinkies now hiding in Thailand. Each of them got away with at least USD 100m.

Don't say Sinkies got no Talent!
 

Tuayapeh

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

This is a Sinkee operations. About 6 to 7 sinkies now hiding in Thailand. Each of them got away with at least USD 100m.

Don't say Sinkies got no Talent!

James pang and kong hee also another great talent :wink:
 

Tuayapeh

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Ah tiong should learn from this Angmo . He alone can track down cyber scam :wink:

[video=youtube;8HbvY1ZDhwg]http://www.youtube.com/watch?v=8HbvY1ZDhwg&sns=em[/video]
 

laksaboy

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Come, ah tiongs, here's some money to compensate you. You're welcome.


tumblr_inline_nlx7c6MC3Y1rkw4x1_1280.jpg
 

no_faith

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Irony haha.
pro scammer demand money from amateur scammer.
The mastermind could be a prc afterall. Haha
 

Mancini

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Karma at work?
 

Runifyouhaveto

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

market whisper: that claim amount is severely overstated.
 

dancingshoes

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

when i was young, my parents asked me to study hard and become a doctor or lawyer. this piece of old and wise advice, everybody should know and the reason behind it. if you are a office worker, stick to your 8 to 5 job. Don't imagine or dream of becoming some big shot cos' you are in sinkieland, a land that allows only PAP cronies to fly high.
 

laksaboy

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

when i was young, my parents asked me to study hard and become a doctor or lawyer. this piece of old and wise advice, everybody should know and the reason behind it. if you are a office worker, stick to your 8 to 5 job. Don't imagine or dream of becoming some big shot cos' you are in sinkieland, a land that allows only PAP cronies to fly high.

You make it sound as though the ricebowls of doctors and lawyers are secure and intact. Times have changed. Outsourcing is rampant. :wink:

Anything that can be outsourced will be outsourced. Except politics. :biggrin:
 

GoldenDragon

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Many such syndicates in China. S'poreans are behind these scams. No PRC bosses. You get paid S$4k a mth. Eat and sleep on ah kong's account. Commissions very lucrative for closure of 'sale' or investment. Must have class 1 pai tow - branded head to toes to con the tiongs.
 

Bigfuck

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Re: Scam Victims From China Who Allegedly Lost $1.6 Billion Look For Clues In Singapo

Go to PMO office and show PRC power. No problem one. Use shaolin kungfu and make minced meat out of Ghooka zhui.
 
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