Housewives and Retirees Lose S$1.6million after “Investment Company” Shutters

Posted on Feb 16 2017 - 7:28pm by Redwire Singapore

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52-year-old Mdm Teo had put in S$40,000 of her hard-earned savings into an investment company known as Ufun Store Pte Ltd, or Ufun.

The promise was that after 1 year, she would be paid 20 times of her capital investment.

That means, she stood to get back S$800,000.

The deal, unfortunately, was too good to be true.

Mdm Teo invested in Ufun in August 2014, and when she tried to collect her dividends in 2015, she said the company gave a whole host of excuses not to deliver the promised cash.

Mdm Teo is among at least 60 people who invested a total of around S$1.6 million in Ufun.

Some were retires banking on the promised dividends to fund their later stage of retirement.

Others were housewives hoping to use that money to put their kids through university.

They’ve received little to nothing in return.

That picture above is a press conference held by irate investors who are seeking justice.

The group has engaged a licensed debt collection company to demand their money back.

However, the odds are low.

Mdm Teo said that she was given two option to invest – cash or bank transfer.

A manager known by his last name “Lee” handled the money.

She said she wasn’t given any receipt for her S$40,000 put in.

To date, all she has received from the company is S$4000.

She said that the company had told her that one way to “grow her wealth” was to introduce more people to invest in Ufun.

Around 6 days ago, the debt collection company reported that “Mr Lee” had become uncontactable and Mdm Teo fears he has left Singapore.

A check on companies in Singapore turned up Ufun it is no longer in operation.

The company was started by a Singaporean and 3 Malaysians.

 

 

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