Retiree Accuses Investment Company of Cheating Him of S$100,000 in Life Savings

Posted on Jan 3 2017 - 5:54pm by Redwire Singapore

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Getting his life saving sucked dry wasn’t something 73-year-old retiree Mr Lee was expecting when he put S$100,000 in an investment company.

He had attended at talk in 2015 about financial investing when he was told that by one rogue company that by placing his money with them, he would receive his capital back within 1 year, and a 10 percent return on investment.

So, Mr Lee thought he would get back his S$100,000 and an additional S$10,000.

He persuaded his wife to pool their funds together to put into this investment, which they did on 18 Oct 2015.

All seemed rosy at the start – within 3 months, the Lees were paid the first 5 percent on their investment.

However, come 18 Oct 2016, there was no word from the company.

When Mr Lee went to the company’s office to check, he was told the executives were either on MC or on holiday.

He did receive the other 5 percent return on his investment.

Until now, he still hasn’t received his capital sum back.

That means, for the S$100,000 Mr Lee invested, he’s only gotten back S$10,000.

Investors, be warned.

Before investing, always do your checks on the background of the company you’re doing business with.

And, don’t fall prey to promises of easy gains.

 

 

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