Nanning pyramid scheme: S'porean woman, 60, loses S$140,000 in apartment investment

A Singaporean woman in her 60s lost S$140,000 in a suspected pyramid scheme in China, according to a report in Shin Min. She initially thought the investment option of S$50,000 was worthwhile, as it allowed her to purchase property in Nanning, a city close to her home. During her visit to the real estate project site, she paid the full amount for an apartment unit, believing the price to be more affordable than a HDB flat in Singapore and anticipating short stays post-retirement.

Wu, the woman, became an upline participant, recruiting others and receiving commissions for their involvement. She roped in a friend, who had limited income, believing the scheme would benefit them both. Wu's group organized monthly trips to Nanning, where participants would hand over their passports to help set up local bank accounts and phone numbers.

Regretting her decision, Wu realized something was wrong when she couldn't contact the real estate agent after the pandemic. She discovered that the project had changed developers, leading her to believe her money was gone. Another victim borrowed S$30,000 from overseas relatives to invest in the scheme, which she found after traveling to Nanning with friends in 2019. She was persuaded by the project's government-backed promotion and the promise of high development potential for running a small business.

A Singaporean life coach, Xie Mingyao, also fell prey to the scheme after being invited to give a lecture in Nanning in 2017. Initially, he believed the lecture involved investments but was later exposed to a series of brainwashing sessions. Despite seeing Singaporean-run establishments in the city, Xie and his team of eight felt suspicious and decided not to proceed with the itinerary. They spent their time sightseeing instead.