Posted on April 6, 2010 - by Eng Tiang Chuan

Scams Are Getting Around The System

Photo by Anonymous9000

In Singapore, many consumers have the impression that products sold here are safe due to the strict regulations. However, contrary to popular belief, not all regulations are stringent. Ironically, scammers have made use of this thinking to con others.

Take the example of landbanking. In the UK, landbanking is considered as a form of Collective Investment Scheme (CIS) and the relevant administrative and legal setup is necessary to continue sale to the public. However, no landbanking company has done that and landbanking per se is not allowed. It makes one wonder why would a legitimate business avoid the regulations. The situation here is different. Landbanking activities are not regulated and roadshows and advertisements are a common sight. Sadly, UK media reports about how landbanking companies have been having a field day in Singapore when their activities are banned in the UK have surfaced. Recently, one prominent firm have been placed under the MAS Investor’s Alert List. Read more…

Related posts:

1. Personal Finance Part 14 – Scams, Trickery and Dodgy Behaviour