Singaporeans lured by alleged pyramid scheme linked to investment opportunities in China
Amid a clampdown by Chinese authorities on pyramid schemes, CNA has learnt of at least a dozen Singaporeans who were approached by fellow Singaporeans over a so-called business and investment scheme in China's southern city of Nanning.
Singaporeans have been lured by an alleged pyramid scheme connected to investment opportunities in China's southern city of Nanning, according to a recent report by CNA. Michelle, a Singaporean woman, was approached by a friend to attend a business opportunity in Nanning. After attending five-day meetings and investing S$75,000, she began to have doubts and is attempting to recover her investment.
This is not an isolated incident; at least a dozen other Singaporeans have been involved in the scheme, according to CNA's interviews. Many interviewees are professionals in finance and business, as well as retirees. The recruitment process starts with casual conversations at professional or networking events or social gatherings organised by existing members.
These conversations often lead to discussions about investment opportunities in China or Nanning. Once interest is piqued, potential members are invited to attend smaller follow-up meetings where they are introduced to specific business and investment opportunities in Nanning. The scheme is reportedly linked to the 1040 Sunshine Project, a long-running pyramid scheme that Chinese authorities have cracked down on previously.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
