A reader, Gary, asked me for my opinion about something he saw in Bukit Merah Central.
"... Saw a roadshow in Bukit Merah Central which displayed "24% per annum"! Company is Islandia and I'm not so sure if really can get 24% per annum! Sounds like scam but the strange thing is that there are people manning the booths!"
So, with some help from my friends, Victor Chng and Matthew Seah, I discovered that Islandia is actually a proposed integrated resort to be developed on an Indonesian island called Pulau Abang Besar. Apparently, construction work started in the middle of last year.
See PDF file:
http://www.cuffzholdings.com/News/The%20Islandia%20AsiaOne%20Feature.pdf
This project is a joint venture by Cuffz Holdings and Huafa Assets.
Digging around a bit more, we found that Cuffz Holdings is actually partnered with IOC Group Limited......
Apparently this scam case is up on Shin Min Daily Newspaper (4th January 2017)
An old lady (64 Years Old) who sold her property to invest into this scam investment, about a total of $240,000!!
Total of 14 people reported to Shin Min Daily Newspaper, total of reaching $1,000,000 invested into this scam The Islandia which run by The Islandia!
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https://s29.postimg.org/c3f23zmmv/IMG_6216.jpg