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About 1,700 investors were cheated out of S$118 mil by an Australian company between 2014 and March, 2016.
The Singapore Police’s commercial affairs are currently investigating the company, Macro Realty Developments Pte Ltd, revealed documents in the Federal Court by Australian Securities and Investments Commission (ASIC).
The company ran by Australian businesswoman, 37-year-old Veronica Macpherson, reportedly promised investors annual returns of up to 18 per cent for investing in the project in Pilbara, Western Australia.
The entire investment scheme collapsed in 2016, with the creditors owing more than S$200 mil to the investors, reports Lianhe Wanbao via Lianhe Zaobao.
The company cited that the scheme failed due to a lack of new revenue, and stopped paying the investors altogether.
A source also said that many of the Malaysian investors lost their life savings in the failed scheme.
Of the 1700 victims, 981 are from Singapore, 651 from Malaysia, and the rest were from Australia and England.
The Accounting and Corporate Regulatory Authority (ACRA) also revealed that the company was listed in Singapore in Nov 2013.