Full account of investment incident

I always believe in telling the full story. Not partial. Because it can be misleading. This post may be quite long so bear with me. I will write whatever I can remember. I’m not accusing her for it but rather an account of what has happened to me.

For summarized version, click here.

How I met her
It’s a sunny day and I was pulled in by the E&I (Entrpreneurship and Innovation) 2006 week committee to help as as facilitator in NTU (Nanyang Technological University) organized by NTC (Nanyang Technopreneurship Center). At that time, being someone very passionate on startup, I seek out for entrepreneurs who I can relate with to.

Very luckily, I met S. She seems helpful and knowledgeable. She’s also a friend of Jerry, whom I previously met in Bel’air. Of cos I got to MLM talk just because I want to see how different MLM is being runned.

We’ve build a very good rapport and even after the entrepreneurs meet up, we’ve still occasionally come out for coffee. I also attended some of the book talk by Jerry in his luxurious home. I regard her as a mentor who is providing guidance towards my dream.

She also kinda been a motherly figure to me I guess. She’s my idol. She told me she owned The Sail @ Marina. Just another five years and she can retire to do whatever she likes. She’s been on the radio with Jerry too and also been voted for some entrepreneurial award.

One week before investment deal
She came up to me and said she has a investment deal willing to share with me. It’s something exclusive only for the rich. Some secret friend of hers are giving her the deal of 40% return to be cashed out after 5 months. I probed further but she say it’s not something I should know. Basically, what she tell me is that her friend owns mineral-riched mountain. She also said that she is not suppose to tell me who the person was and that person is very influential in Taiwan.

With the mindset that people invited by the school must be credible and also her appearance in radio, why should I even doubt her? She seems to be a successful business women to me.

Forty percent is a high ROI for any investment. Maybe it’s quite possible. Actually, my psychological barrier is at 45-50% for a fraud investment. If given that rate, I wouldn’t have signed it. With almost nothing told to me, I got nothing to base my judgement on except trust I had for her.

My mom discovered when she saw my bank book. I explained to her about the whole incident. She was skeptical about it and I give my loads of reason why she cannot be cheating me. She kept quiet.

Signing the contract
It’s been a long day after school but nothing beats knowing that you will get 40% return after 5 months. Can you imagine how much money can be rolled from this investment alone?

We’ve met up in MacDonald opposite Clementi MRT station. There was another girl also accepting the same offer. The girl and I signed the contract by this company “VR Global Metal Trading Pte Ltd”. I did not check out hers  but the return should be the same.

One important thing to note is that the contract I signed is a pre-signed contract. It means I’ve never met anyone in the company before. Everything is done between a third party S. Even so, S name is no where to be found in the contract

After I went back home, I do a bank transfer to her account (I don’t know if it’s her account) not knowing that it’s just the beginning of nightmare.

5 months later
It should be two weeks after Chinese New Year. I gave her a call wanting to cash out the dividend. She told me that the snow storm in China has delayed the shipment of metal.

She asked if I want the money to continue to roll. I hesitated. I consulted my mom thinking of all the possible scenarios. We come to a conclusion is to cash out. Firstly, it’s a test of confidence for this deal. Secondly, I need cash for work and travel programme. Quite lucky or unlucky, work and travel had to be pushed back to serve my NS liability a priority. It means I have more time to settle this issue.

So I told her I would wait for the money to come. It’s been a disappointment. Every 2 weeks, I would call up to check to get only the same answer. Subsequently, one week once and then few times a week. My patience is at boiling point.

At the 8-10th months
It’s after my FYP and all the school work I’ve to cleared. I returned to camp to serve my 6 weeks of liability. In camp, as usual, it’s hard to communicate with the outside world.

But of cos I know deep in my mind, I can’t wait anymore. After I ORD, I would need the cash. Now she explained that the company account is being checked by MAS.

I know I will have to get to the bottom of things once I ORD. I will have the time to do all the necessary checks.

After ORD. Eureka
I called Alvin who is also from NTU. He is a friend I got to know from S. I know that Alvin and S are developing some business idea. We even attended S wedding. All the while, I has been wanted to call him to check on this. He asked me to call him.

Eureka.

He also had the some contract. But he got a 90% ROI! My sixth sense is telling that that something is definitely not right. We confirmed our story and decided on our next move. We agreed to lodge a police report at AMK police station together.

At the police station
After all the story we had told to the police, they said it’s a breach of agreement. The police will only take action after a quota has been hit. If we really want to pursue this matter, we would have to file a civil law suit against her. We had no other choice but to suck thumb and think of other avenue to report our situation to.

Subordinate Court
We went to small claim tribunal after being advised by a uncle. SCT said that they only handle goods and services. We were directed to Law of Society for advice. We met Rufus and he was very helpful. But at the end of day, he said this is a very difficult case to fight but still encourage us to lodge a police report against her.

Back to Starbucks for additional advice
I met up with Alice, Jean and DK. We bought the company profile, check out on the company using google and found out lots of interesting info. We’ve also done a lot more things just by checking online.

Next day
Proceed to Jalan Pemimpin Foo Wah Building to check out the company. The company is not there anymore. The current occupant Zanden Singapore Pte Ltd has moved in for 2-3 months. I asked the security guard to asked the management about it but they have yet to contact me.

I proceed to one of the two director’s landed property according to ACRA. Lets call her A. It’s just a hundred meter away from S’s shop. I saw a car drove out from the home just as I am about to reach. I waited outside her home to get some contact but only 3 dogs were there to greet me.

I lodged a police report for good. Return to the same home, I managed to pass a old lady a name card. I think she should be A’s mother or grandma.

Next thing I got was a call from Alvin saying that S or A might take action against me for harassment. But I’ve done nothing wrong. I wasn’t scared though cos I know I did not do anything wrong.

Write in to MAS
I’ve written in to MAS personally to verify if what is told by S is really the truth. MAS replied and said this company is not licensed to offer such service.

So I’ve been lied all along.

One thing to emphasize, the company is not on the alert list and this means I may be the first one to report about this incident.

I asked MAS to pursue the matter as well as write in to CAD on this matter. CAD replied that they will look into the case.

As a friendly gesture knowing I need the cash, she offered to return my money. Asked about the lawyer, she declined to name anyone and said it’s the company who is engaging the lawyer. According to S, A is now in Hongkong. S gave me A Hongkong number. My friend helped me to call the HK number but it’s not picked up.

She wanted to do installment but then the terms on conditions will be set by her. I counter-offer with a credit card installment payment using my friend’s terminal. She said she don’t want to foot the extra charges. I offered to pay the charges. She replied that such money are not well-spent and don’t want me to waste the money. I’d rather lose a small sum than to waste my time and energy pursuing her for money. After that, she has yet to reply.

At NorthWest
Alvin and I went down for a lawyer consultation again. As expected, there’s little for us to do unless we hire our lawyer. This has now become a cost factor we’re not willing to go into.

Our only hope is that enough quota has been reached for the police to take action. That’s the only hope we have.