This time last week, the national newspapers have been talking about Madam Leong Lai Yee ,who seem to have ran away with many of her investors money. 60 investors have came forward saying she owed them $60 million. Madam Leong and her husband were believed to be former property agents, who attracted more than 100 investors to very attractive investments. The idea is to purchase distressed properties in Orchard, Tanglin and Newton, which were on the verge of being repossessed by banks and sell them to buyers from China at a profit. They were promised returns ranging from 10-48% over a 4-8 month period. The investors would have to pay a 40% downpayment, which would be forfeited if the buyers pulled out. Madam Leong urged the investors to use their CPF or take out a second mortgage to finance the purchases.
I doubt such scams is new as on and ......