Serious 2000 Sinkies Cheated In Gold Investment Scam! Sinkies Believed 24% Returns Per Year!! Still Laughing At CPF's 2.4% Interest? Stupid Oppies!

[JohnTan]

SINGAPORE - Three people have been arrested for their involvement in a multimillion-dollar gold investment scam.

In a statement on Friday (Jan 25), the Singapore Police Force (SPF) said that the Commercial Affairs Department investigated gold investment company The Gold Label (TGL), which sold gold bars under a buyback scheme.

Under the buyback scheme, the company sold physical gold bars to investors at a mark-up of more than 20 per cent above prevailing gold prices.

These investors were promised returns as high as 24 per cent per annum, and were given an option to sell the gold bars back to TGL at the same purchase price after a specified period.

Investigations found that TGL had attracted more than 2,000 investors and recorded a turnover of close to $150 million.

The company was wound up by its creditors after it failed to honour its payment and buyback obligations, SPF said.

Two TGL directors, James Iseli Rudolf Maitland and Wong Kwan Sing, were charged with fraudulent trading under the Companies Act on Oct 28 last year.

The remaining director was arrested in Malaysia on Friday with the assistance of the Royal Malaysia Police and will be charged with fraudulent trading under the Companies Act.

The trio is alleged to have sold TGL's buyback schemes when the company did not operate any substantive profit-generating business and had no sustainable means of honouring its payment and buyback obligations, SPF said.

If convicted, the trio face a jail term of up to seven years, a fine of up to $15,000, or both.

https://www.straitstimes.com/singap...for-multi-million-dollar-gold-investment-scam

 

[sweetiepie]

KNN LOL for 150million scam fine 15k KNN

 

[AhMeng]

If you can get conned by PAP on CPF and still vote PAP, every 5 years, I am sure you will be conned easily by scammers. Lol

 

[batman1]

If you can get conned by PAP on CPF and still vote PAP, every 5 years, I am sure you will be conned easily by scammers. Lol

YES, most sinkies are ignorant (gullible),got cheated every 5 years by the conman.

 

[JohnTan]

If you can get conned by PAP on CPF and still vote PAP, every 5 years, I am sure you will be conned easily by scammers. Lol

Sinkies aren't getting conned on CPF.

CPF has paid out annual interests based on what it has already promised. Sinkies get conned when they are not satisfied with CPF's good returns and turn to scams like MLMs, land banking, gold bullion schemes, time sharing schemes, etc

 

[AhMeng]

YES, most sinkies are ignorant (gullible),got cheated every 5 years by the conman.

Especially Sinky women.

 

[jw5]

Most sinkies are impressionable and easily manipulated, while some suffer from delusions of grandeur.

YES, most sinkies are ignorant (gullible),got cheated every 5 years by the conman.

 

[borom]

Even people die from negligence also nobody charged in court/sacked/named, what do you expect from sheep?
They even voted for a guy who mocked their old folks who struggle to survive by collecting cardboards as "exercising".
Other countries intrude into our territorial water and the highest paid in the world even keep quiet for weeks and has done so again when Aloysius Pang died during a training exercise.

Officers who caused NS men to die during training were even promoted later on-what an insult to locals who died .
You can go on and on.....

 

[eatshitndie]

what happened to all those sinkie morons who lost money to “auto dealers” who can give them steep discounts with fly by night showrooms? no sound no fury. no arrest. all of them run road too easily? it’s because confidence tricksters find sg such an easy and lucrative target-market that the entire planet’s conmen are all over the island, especially those from jiuhu. and they can easily run road with no fear of arrest nor even swift and “real” investigations by poodles. if any investigation were to start, it would take 6.9 years at the minimum for any progress to be made, if any progress at all. that’s why scams in sg are becumming bolder and bigger. they know they can easily outsmart the poodles who are woefully equipped and staffed to handle these crimes. better for sinkies to trust their savings with cpf than to “invest” them with consters. the notion that sg is a safe, secure, and trustworthy place to park one’s money is overhyped.