Investors in gold scheme alarmed by firm's silence
More than 20 investors who put around
$7 million into a gold buyback scheme run by local firm Suisse
International are now worried that they cannot get their money back.
Not only is its owner uncontactable, they said, but the company's office at Keypoint in Beach Road has also been closed.
The last message the investors received was from the firm's vice-president Belinda Hah in the first week of January. That was when she informed them via SMS that their money was stuck in a transfer to the firm's Hong Kong branch - Suisse HK.
The investors were all introduced by their friends to Ms Hah and her partner Jeffrey Chow. He is believed to be the son of the company's registered owner, Mr Chaw Soo Ha.
Not only is its owner uncontactable, they said, but the company's office at Keypoint in Beach Road has also been closed.
The last message the investors received was from the firm's vice-president Belinda Hah in the first week of January. That was when she informed them via SMS that their money was stuck in a transfer to the firm's Hong Kong branch - Suisse HK.
"After
we joined, we also brought our friends in because (Suisse) promised to
give us better returns and sell us gold at a cheaper rate if we
recommended others," said operations manager Louis Tan, 36, who put in
$40,000 last June.
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
"After
we joined, we also brought our friends in because (Suisse) promised to
give us better returns and sell us gold at a cheaper rate if we
recommended others," said operations manager Louis Tan, 36, who put in
$40,000 last June.
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
No further details were given on how investors could get their money
back. At least three of them have gone to the police, and engaged a debt
collection agency to locate Ms Hah.It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
The investors were all introduced by their friends to Ms Hah and her partner Jeffrey Chow. He is believed to be the son of the company's registered owner, Mr Chaw Soo Ha.
"After
we joined, we also brought our friends in because (Suisse) promised to
give us better returns and sell us gold at a cheaper rate if we
recommended others," said operations manager Louis Tan, 36, who put in
$40,000 last June.
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
"After we joined, we also
brought our friends in because (Suisse) promised to give us better returns and
sell us gold at a cheaper rate if we recommended others," said operations
manager Louis Tan, 36, who put in $40,000 last June.
It was easy to convince their
friends to join because the company promised them about $1,000 a month, which
worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the
profit came from melting the gold and turning it into limited-edition coins or
other novelty items, which were sold overseas or to other local companies. The
investors also said they were told Suisse International was headed by a former
police officer, and that bolstered their confidence.
"We also saw other people
receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53,
who had put in $2.2 million since April last year.
Investors began worrying last
December when Ms Hah delayed their payouts, citing cashflow concerns. She also
said investors would get cash payouts instead of cheques, as the firm was
trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore
company and its Hong Kong branch on its Investor Alert List last November. Both
firms, despite one being located in Hong Kong, are listed with the same Beach
Road address on the list.
"That's when we knew something
was wrong. How can a company claim to be legitimate if it was worried about the
authorities?" said Mr Tan.
The Straits Times tried contacting
Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also
found it closed.
When The Straits Times went to Mr
Chaw's Bishan flat, neighbours said that they had not seen him for about six
months.
Madam Yang, who also sold her
ancestral home in Shanghai to bankroll her investment, said: "I'm worried
that I've been cheated. That was my life savings and money saved for my
nine-year-old daughter's future."
The police said it was inappropriate
to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly
payouts to purchase gold at a premium from the company, which also had
businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the
lurch when payments ceased suddenly and founder Lee Song Teck vanished. They
lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors
lost their money to Genneva Gold, which was raided by the Commercial Affairs
Department.
The company sold gold at a 2 per
cent discount to market prices. It promised to buy back the gold 30 or 90 days
later. Investors reportedly poured up to RM10 billion into its Malaysian arm as
well.
"After
we joined, we also brought our friends in because (Suisse) promised to
give us better returns and sell us gold at a cheaper rate if we
recommended others," said operations manager Louis Tan, 36, who put in
$40,000 last June.
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
"After
we joined, we also brought our friends in because (Suisse) promised to
give us better returns and sell us gold at a cheaper rate if we
recommended others," said operations manager Louis Tan, 36, who put in
$40,000 last June.
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
"After
we joined, we also brought our friends in because (Suisse) promised to
give us better returns and sell us gold at a cheaper rate if we
recommended others," said operations manager Louis Tan, 36, who put in
$40,000 last June.
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.
The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.
"We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.
Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore's (MAS) scrutiny.
The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.
"That's when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.
The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm's office yesterday also found it closed.
When The Straits Times went to Mr Chaw's Bishan flat, neighbours said that they had not seen him for about six months.
Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: "I'm worried that I've been cheated. That was my life savings and money saved for my nine-year-old daughter's future."
The police said it was inappropriate to comment on the case as investigations are ongoing.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.
- See more at: http://business.asiaone.com/news/investors-gold-scheme-alarmed-firms-silence#sthash.eWlS9x16.dpuf
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