Dear TRS,
As a retired housewife in my 50s with limited savings trying to make ends meet, it is to my last resort to write to you to warn other Singaporeans and people living in Singapore of the company that I invested in in 2012, to bring greater awareness to people wanting to invest their money.
In 2012, I was introduced by a friend to a company called IOC Group Limited. This company held a seminar at their small office in one of those shop houses near Boat Quay area, along circular road. There were about 50-60 first timer there to listen to their presentation. Their presentation sounded convincing and they even provided buffet dinner to all the guests. What more, many of the 'salesmen' working there wore luxurious branded watches and suits, to give the impression to others that they were successful and rich. This company claim to be partnering with overseas companies to work on the upcoming Internet Of Things. They were selling convertible bonds that would be converted to shares upon maturity. The minimum sum of investment was US$10k and we were told that we had to hold our investment for between 2-3 years, with a return triple that of our capital.
Fast forward to 2015, I tried contacting the person in charge, Kelvin Soh & Gabriel Wong, but to no avail. They did not pick up calls, and didn't answer our messages. Last I heard from a fellow investor, their office has moved, and remains 'confidential'. It occurred to me to be very fishy. I did try to make a police report, but the police has yet to investigate as they say the documents that the company presented may have certain loopholes that may protect them against any legal actions.
It seems that many other investors are finding it hard to get their money back despite numerous attempt to contact them. I happened to keep in touch with another fellow investor and last i heard, they have set up another company known as 'Project Lifestyle' (you can check it out on Facebook), and they are holding weekly seminars in their new office located near Raffles. My friend went to the seminar, and their technique of luring investor's money seems similar.
To many investors out there, please be aware. Although Singapore is a safe city, there are still numerous scam companies out there. I made the mistake of being too greedy and not doing my homework before putting my money at the right place.
Mdm Tan
TRS Contributor