Singapore police recover S$27 million linked to China Ponzi scheme Read more at https://www.channelnewsasia.com/news/singapore/ezubao-singapore-china-ponzi-scam-money-recovered-police-10636366

SINGAPORE: Singapore police said on Tuesday (Aug 21) they have recovered more than S$27 million linked to one of the biggest Ponzi schemes in China, which saw 1.15 million investors cheated out of 38 billion yuan (S$7 billion). Ezubao, once China’s biggest peer-to-peer lending platform, folded in 2016 after it turned out to be an online scam that concocted fake projects to attract investment and pocketed funds instead of passing them to borrowers to generate returns. In May that year, the Singapore police’s Commercial Affairs Department assisted Chinese authorities during their investigation into the scam by conducting asset…

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Provisional liquidator appointed to Macro Group companies

The Australian Securities and Investments Commission (ASIC) announced it has applied to the Federal Court of Australia for the appointment of a provisional liquidator to six companies within the Macro Group, all of which have Desiree Veronica Macpherson as a director. These are: Macro Realty Developments Pty Ltd; Macro Realty Developments AFSL Pty Ltd; Macro All State Investments and Securities Ltd; Pilbara Property Developments Pty Ltd; Macro Realty Pty Ltd, and 511 GTN Pty Ltd (under external administration since 14 April 2016). In particular, ASIC: alleges that the companies have…

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Jakarta Ponzi scheme

2011, the police arrested Jaya Komara who allegedly defrauded his clients in an investment scam. The scam itself began to surface when four of his alleged victims reported the scam to the police. According to the police, the total fund accumulated from what appears to be a Ponzi scheme is estimated to be around Rp 6 trillion (US$632 million). He is due for release in 2016 The fund was accumulated primarily through Jaya Komara’s cooperative-based organization, Koperasi Langit Biru (KLB) which was established in January 2011. As stated by the…

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