[h=2]Local design millionaire tricked by investors in HK[/h]
Foo Jie Ying
The New Paper
Saturday, Jan 10, 2015
He had gone to Macau to meet a group of men who claimed they wanted to invest $10 million in his business.
At first, the men, who claimed to own a property business in Hong Kong, treated him well, paying for his hotel stay and meals.
But things took a sinister turn on Dec 29 last year, the second and final day of his trip. What was supposed to have been a business meeting turned into a game of poker.
Mr Mark Phooi, a Singaporean millionaire and entrepreneur in the design industry, lost and ended up owing the men HK$5.1 million (S$882,000).
Mr Phooi was pressured to pay the sum with his credit cards and through a bank transfer.
Design millionaire Mark Phooi
Click on thumbnail to view. Story continues after photos. Berita Harian, The Straits Times, The New Paper, The Business Times
Said the 52-year-old: "The guy was like a member of the mafia and I felt pressured to pay them."
His banker, who did not want to be named, told The New Paper that he smelt a rat when he received a call from Mr Phooi asking him to transfer the money.
Fearing that his client was in trouble, he used a fake account number on the transaction slip used to make the transfer.
"He really saved the day," said Mr Phooi of his banker.
Mr Phooi, who helms a holding company that manages a collection of design agencies and institutions, admitted he was too trusting and had failed to check on the background of the men.
"It's one of my weaknesses. I give people the benefit of doubt very often," he said.
He has filed a police report in Singapore about the incident, but police here cannot investigate an overseas offence.
=> Do the lazy poodles mean that they can't work with their counterpart in HK and Macau? Hope the rich SGs realize that when it comes to roost, only the Familee members are served and protected! Continue
APPROACHED
Mr Phooi said he was contacted in November by a man claiming to be a director of a Hong Kong property firm, Sheng Feng Holdings.
He told Mr Phooi that they wanted him to set up a private design school in Hainan, China. After a meeting in Singapore last month, Mr Phooi flew to Macau to meet the man's bosses.
When he arrived, the company's executives took him to dinner, the casinos and even offered a female companion. Mr Phooi declined the offer.
The next day, he met Sheng Feng's chairman, who introduced himself as Henry Chong, in a suite at Conrad Macao hotel.
"They talked about how good my schools are and how much they wanted our quality of education to be replicated in Hainan.
"They told me they intend to invest $10 million and wanted to be lifelong partners with me," said Mr Phooi.
The meeting soon turned into a poker game at the suggestion of one of the men. "I obliged out of courtesy," said Mr Phooi.
Singapore's 50 richest people 2014
After two warm-up rounds, the real gambling started. On the last round, the men suddenly raised the stake from a few thousand to hundreds of thousands.
By then, Mr Phooi had exhausted his winnings from folding his cards in the second and third rounds.
"There was already close to $3 million in the pool. I pleaded with them not to raise the bets. I was very worried," he said.
Despite having a strong hand of three 10s, Mr Phooi lost to another man with three queens and, at the end of the game, he owed them HK$5.1 million.
The men made him hand over his identification card and passport.
He said: "They took down my personal details and made me sign a slip of paper that stated I owed them HK$5.13 million."
They took him to a pawn shop, where they pressured him into charging $48,000 to his two credit cards, and made him arrange for a bank transfer of the remaining sum.
"There was no time to think. I just did as I was told," Mr Phooi said, adding that he had feared for his own safety.
Sensing something was amiss, Mr Phooi's banker thought of a way for Mr Phooi to indicate if his instruction was legitimate: He asked Mr Phooi to say "one" if he was in trouble.
Realising his client was in trouble, the banker changed one digit of the account number on the transaction slip before sending over a photo of it.
Satisfied with "proof" of the transfer, the men sent Mr Phooi to the airport, in time for his flight home.
Said Mr Phooi: "The planning was so perfect that there was no time for me to think or to call the police."
He said he realised it was a scam on the flight home. The business "agreement" fell through subsequently.
Mr Phooi's wife Elisa said that her husband's trusting nature sometimes works against him.
=> Just like 60% daft SGs placing their blind faith on the FAP Traitors?
Mr Phooi said he will be more careful in the future, adding: "It's a lesson learnt. I'll stop sharing so much of my personal life with people I have just met."
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This article was first published on January 8, 2015.
Get The New Paper for more stories.
Foo Jie Ying
The New Paper
Saturday, Jan 10, 2015
He had gone to Macau to meet a group of men who claimed they wanted to invest $10 million in his business.
At first, the men, who claimed to own a property business in Hong Kong, treated him well, paying for his hotel stay and meals.
But things took a sinister turn on Dec 29 last year, the second and final day of his trip. What was supposed to have been a business meeting turned into a game of poker.
Mr Mark Phooi, a Singaporean millionaire and entrepreneur in the design industry, lost and ended up owing the men HK$5.1 million (S$882,000).
Mr Phooi was pressured to pay the sum with his credit cards and through a bank transfer.
Design millionaire Mark Phooi
Click on thumbnail to view. Story continues after photos. Berita Harian, The Straits Times, The New Paper, The Business Times
Said the 52-year-old: "The guy was like a member of the mafia and I felt pressured to pay them."
His banker, who did not want to be named, told The New Paper that he smelt a rat when he received a call from Mr Phooi asking him to transfer the money.
Fearing that his client was in trouble, he used a fake account number on the transaction slip used to make the transfer.
"He really saved the day," said Mr Phooi of his banker.
Mr Phooi, who helms a holding company that manages a collection of design agencies and institutions, admitted he was too trusting and had failed to check on the background of the men.
"It's one of my weaknesses. I give people the benefit of doubt very often," he said.
He has filed a police report in Singapore about the incident, but police here cannot investigate an overseas offence.
=> Do the lazy poodles mean that they can't work with their counterpart in HK and Macau? Hope the rich SGs realize that when it comes to roost, only the Familee members are served and protected! Continue
APPROACHED
Mr Phooi said he was contacted in November by a man claiming to be a director of a Hong Kong property firm, Sheng Feng Holdings.
He told Mr Phooi that they wanted him to set up a private design school in Hainan, China. After a meeting in Singapore last month, Mr Phooi flew to Macau to meet the man's bosses.
When he arrived, the company's executives took him to dinner, the casinos and even offered a female companion. Mr Phooi declined the offer.
The next day, he met Sheng Feng's chairman, who introduced himself as Henry Chong, in a suite at Conrad Macao hotel.
"They talked about how good my schools are and how much they wanted our quality of education to be replicated in Hainan.
"They told me they intend to invest $10 million and wanted to be lifelong partners with me," said Mr Phooi.
The meeting soon turned into a poker game at the suggestion of one of the men. "I obliged out of courtesy," said Mr Phooi.
Singapore's 50 richest people 2014
After two warm-up rounds, the real gambling started. On the last round, the men suddenly raised the stake from a few thousand to hundreds of thousands.
By then, Mr Phooi had exhausted his winnings from folding his cards in the second and third rounds.
"There was already close to $3 million in the pool. I pleaded with them not to raise the bets. I was very worried," he said.
Despite having a strong hand of three 10s, Mr Phooi lost to another man with three queens and, at the end of the game, he owed them HK$5.1 million.
The men made him hand over his identification card and passport.
He said: "They took down my personal details and made me sign a slip of paper that stated I owed them HK$5.13 million."
They took him to a pawn shop, where they pressured him into charging $48,000 to his two credit cards, and made him arrange for a bank transfer of the remaining sum.
"There was no time to think. I just did as I was told," Mr Phooi said, adding that he had feared for his own safety.
Sensing something was amiss, Mr Phooi's banker thought of a way for Mr Phooi to indicate if his instruction was legitimate: He asked Mr Phooi to say "one" if he was in trouble.
Realising his client was in trouble, the banker changed one digit of the account number on the transaction slip before sending over a photo of it.
Satisfied with "proof" of the transfer, the men sent Mr Phooi to the airport, in time for his flight home.
Said Mr Phooi: "The planning was so perfect that there was no time for me to think or to call the police."
He said he realised it was a scam on the flight home. The business "agreement" fell through subsequently.
Mr Phooi's wife Elisa said that her husband's trusting nature sometimes works against him.
=> Just like 60% daft SGs placing their blind faith on the FAP Traitors?
Mr Phooi said he will be more careful in the future, adding: "It's a lesson learnt. I'll stop sharing so much of my personal life with people I have just met."
<!-- Start For Web Only -->
This article was first published on January 8, 2015.
Get The New Paper for more stories.
