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Sinkie Investors caught in '$60m property ponzi scam'
- Thread starter dancingshoes
- Start date
Woman in alleged Ponzi Scam has $5k in bank
Her only other declared assets here are Rolex watch, house she co-owns
By Joanna Seow
THE woman who allegedly owes more than 60 investors around $60 million has just over $5,000 in a joint bank account with her husband.
Madam Leong Lai Yee does, however, co-own a house worth $2.6 million, her only other asset in Singapore besides a $7,000 Rolex watch.
These figures were revealed in a declaration of assets signed by her and submitted to the courts as part of her defence in an ongoing suit by one of the investors, Ms Chan Shwe Ching.
In the documents obtained by The Straits Times, Ms Chan claims that she had invested a total of $1.171 million for herself and a number of other people. Her lawyer Michael Chia said that the courts have allowed an application to freeze Madam Leong's assets within Singapore.
In her defence, Madam Leong claims that Ms Chan was acting as an unlicensed moneylender. She also alleges that Ms Chan and her relatives had harassed her.
Investors had come forward last week to claim they were owed millions after investing with Madam Leong, who promised hefty returns. The funds were for her to buy local properties at risk of foreclosure on the cheap and sell them to overseas buyers at a profit.
The investors fear that Madam Leong and her family have left the country, as they have been unable to contact them since May 16. When told about how much assets Madam Leong has according to the court documents, the investors who spoke to The Straits Times did not sound surprised.
A 50-year-old housewife who wanted to be known only as Madam J. Tan said that Madam Leong had previously told her that her husband had a fish farm in Thailand and she owned some condominium units in Bangkok which she was trying to sell off in order to buy land overseas.
Another investor who has known Madam Leong for five years and gave his name only as Mr Ong, said: "We just want her back in Singapore for an answer. Why is she doing all this?"
Separate legal proceedings against Madam Leong have been started, said lawyer Rayney Wong, who said he is representing more than 30 investors.
Madam Leong's sister Veronica, who reported her missing last Saturday, said yesterday that she last saw her at their mother's birthday celebration on March 26: "We are not very close; we meet up two or three times a year during the festive season and to honour my mother's birthday."
Since news about Madam Leong and the investors broke, their mother has been "very, very distressed", she added. "She is feeling very sad and cries a lot."
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That's how MLMs and prosperity churches (CHC) operate: selling you hopes and dreams. A little sacrifice now will eventually yield a huge payout.
[SIZE=5[U]]Another One To The List[/U]
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Singapore's Most Wanted, 14 of them
Wednesday, January 15, 2014 - 08:42
Jalelah Abu Baker
MyPaper
SINGAPORE - The husband of the woman whose decapitated body was found in Whampoa River is now wanted - not just in Singapore, but also around the globe.
The man, Harvinder Singh, 34, entered the Wanted Persons list on international police organisation Interpol two weeks ago.
He is one of six foreigners wanted by Singapore.
Another is Tunisian national Guiga Lyes Ben Laroussi, the alleged co-leader of a drug ring, who jumped bail after being charged with drug trafficking in 2005.
There are also 14 Singaporeans who have red notices against their names on Interpol's website.
This means that the authorities are seeking their location and arrest "with a view to extradition or similar lawful action" if they are caught.
While nine of the 14 Singaporeans are wanted here for crimes committed locally, the other five are being hunted by nations farther from Singapore's shores.
Clarence Lee Kok Leong, 40, is wanted by Denmark for the misappropriation of funds and fraud; Ow Song Suah, 52, is wanted by the Czech Republic for fraud, and Andrew Ang, 38, is wanted by the United States for wire fraud.
Their whereabouts are currently unknown.
The Singaporeans wanted here include David Rasif, a rogue lawyer who ran off with S$11.3 million of his clients' money in 2006, and Mark Koh Kian Tiong, 35, a former Criminal Investigation Department detective wanted for fraud.
My personal view is im impress.
how they make use of these gullible greedy mortals and gain fortune out of them.
Without these ppl arround, there wont be millionaires.
It's all about the sales pitch: how you sell yourself, your product, your idea.
As long as you can convince the people to trust in you and your capability, anything goes. See those employees at IDA.
The greatest wealth comes from inheritance. The commoners with no old money will have to think of 'creative' ways to convince others to part with theirs.
It's all about the sales pitch: how you sell yourself, your product, your idea.
As long as you can convince the people to trust in you and your capability, anything goes. See those employees at IDA.
The greatest wealth comes from inheritance. The commoners with no old money will have to think of 'creative' ways to convince others to part with theirs.
True tat is also how pay and pay convince the 60% to buy their policy.
It is the 60% who create the monster.
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