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 are reportedly being targeted by an alleged pyramid scheme linked to investment opportunities in China's southern city of Nanning. According to sources, at least a dozen Singaporeans have fallen victim to the scheme, with one individual, Michelle, losing more than S$75,000 (US$59,200).
The scheme's modus operandi involves introducing the potential investors to Singaporeans who have already invested and are now recruiting others. The recruits are promised commissions for bringing in new members. However, many investors report not receiving receipts or copies of agreements and are often left without any form of compensation promised to them.
Similar to Michelle's experience, several other Singaporeans who have been interviewed have expressed doubts about the scheme's legitimacy. They have also complained that they have not received promised commissions, and some have even filed police reports.
According to Singapore's Ministry of Foreign Affairs, 52 Singaporeans have been arrested in China for suspected involvement in the pyramid scheme. The scheme is reportedly linked to the 1040 Sunshine Project, a long-running pyramid scheme that has faced previous crackdowns by Chinese authorities.
Written by urgent.news from CNA - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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