Singaporeans lured to join Nanning Ponzi scheme with free dinners, S$8 manicures, sprawling condos
[SINGAPORE] When Alice (not her real name) arrived in Nanning, the capital of Guangxi Zhuang Autonomous Region, in March, she was impressed...
Singaporeans lured to join Nanning Ponzi scheme with lavish promises, S$8 manicures, and sprawling condos, according to local reports. A Singaporean public servant and others were offered high-rise apartments in Nanning, Guangxi, with seemingly affordable monthly rents and attractive amenities like inexpensive manicures and meals.
However, the city appeared to be largely deserted, with many development projects abandoned. Recruiters, fellow Singaporeans, promised the city would become the next Shenzhen, boasting major infrastructure projects. Despite suspicions from the Singaporeans, they were led to believe they could recoup their investments by recruiting others.
The Ministry of Foreign Affairs and Singapore Police Force announced the arrest of 52 Singaporeans in Guangxi province for alleged involvement in pyramid scheme activities.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
