Following the previous post Property Investment Schemes Gone Wrong, where we talked about the Ecohouse Property Investment Scheme which is potentially in trouble, there are new alarming developments.
Ecohouse is supposed to be a Brazilian developer which was endorsed by the government to build social housing. The scheme which offers 20% return per annum saw 1,500 Singaporean investors put in $70 million.
Initially, the investors did not get their returns as promised and hence some took action by reporting. Ecohouse tries to calm them by mentioning problems such as worker shortage and help them to restructure the scheme. Investors still did not receive their money. After which, MAS came in to put Ecohouse on the MAS alert list.
The Scam Emerges
Early this week, reporters visited the Ecohouse office in Suntec and it was closed. They gave an excuse that they were consolidating their office to London. …