150 Get Cheated In S$50 Million Scam Spearheaded By A Self-Proclaimed “Datuk”
- Details
- Published on Thursday, 29 January 2015 18:16
- Written by Teh Wei Soon
Pic: Shin Min Daily / China PressSINGAPORE: About 150 investors lost their hard-earned S$50 million (equivalent to RM130 million) in the alleged SureWin4U get-rich-quick scam which is believed to be spearheaded by a local Malaysian.
30 investors from Singapore and China has lodged a police report on behalf of more than 100 investors earlier today.
According to a report by Shin Min Daily, a local Chinese newspaper in Singapore, it was reported that one of the investors went to Sri Lanka on 5 March last year to participate in an investment plan event organized by the scheme. The man reportedly begun to invest after attending the event. A total amount of S$1.23 million (equivalent to RM3.19 million) was invested in the scheme.
“This get-rich-quick scheme is spearheaded by a self-proclaimed “Datuk” from Malaysia,” one of the scheme investors told Shin Min Daily.
According to information provided by the investor, a total of S$50 million was lost in the scheme. Of which, the highest amount lost per individual is S$8,000,000 (equivalent to RM20 million) and the least is S$40,000 (equivalent to around RM100,000).
Lee, 40, a female investor in the scheme told Shin Min Daily that she joined the scheme in December 2013.
“I was recommended by a friend of mine to join the scheme. They told me that the investment return rate is high. Thus I made the decision to invest S$25,000 in the scheme (equivalent to around RM65,000), and I got S$1800(equivalent to around RM4,680) in return monthly.
“I borrowed S$10,000 (equivalent to around RM25,000) last July to make an extra investment in the scheme.
“Much to my astonishment, my upline told me last month that profits that I made through the scheme could not be withdrawn,” she added.
-- mD
