• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

CAD managed to recover only a fraction of sum from Premium Liquid Assets (PLA) over its investment scam

by Rubaashini Shunmuganathan
02/01/2019
in Current Affairs
Reading Time: 2 mins read
0

Source : andrewminalto.com

The Commercial Affairs Department (CAD) released a statement today (2 January) saying that it has “seized a total of S$1588.35 from the bank accounts of PLA during the course of our investigation”.

The statement was shared by the CEO of Empower Advisory, Douglas Chow, on his Facebook page.

He said, “It is believed there are between 100 and 400 duped PLA investors in Singapore, with investment amounts ranging from between S$7, 000 and S$160, 000. Total damage foes into many millions”.

However, Mr Chow said that despite hearing a good news, this is still considered a “hollow victory” as nothing much is left to be recovered after so many years of investigation by CAD.

PLA came into the spotlight in 2011 when its Hong Kong office hit the headline in the territory for alleged investment scam. Soon after, Singapore investors also went searching for answers about their investment but to no avail.

According to an article by TODAY, it is revealed that “an automated reply sent to investors who emailed the company, the Singapore branch of PLA is ‘currently in the midst of handling a legal issue pertaining to our business partner in Hong Kong”.

The article further added that, “its Hong Kong office chief executive and director is ‘suspected of fraud’, and the firm’s Singapore and Malaysia branches have reported the matter to ‘relevant authorities and are cooperating with the police and related departments’ to resolve the issue”.

After this post was shared on Mr Chow’s Facebook page, some netizens questioned the speed of the police in handling this matter.

Facebook user Robin Venice Phua said that the enforcement moved too slow and “they don’t have the creativity to snag the culprit”. He went on further to say “there are so many scams and loansharking taking place in Singapore. Singapore so small and surveillance everywhere, I can’t really fathom what is holding the enforcement back”.

Lawrence Leathersmith Ku also commented that “the longer they stall, the higher chances the perpetrators get to escape the law, without any suspects to arrest, there’s less paperwork and overall less work for investigators. Can very easily close the case”.

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

Grab SG appoints PAP MP Tin Peiling as director of public affairs and policy
Politics

Netizens question Tin Pei Ling’s conflict of interest as Grab’s director of Public Affairs and Member of Parliament

05/02/2023
Why is Gautam Adani’s Indian empire in turmoil?
AFP

Indian regulator reassures investors after Adani rout

05/02/2023
Cognizant India transfers staff to work in Singapore as recently as this year
Labour

Local IT grads can’t find jobs while engineers constantly transferred from India to work in SG under CECA

05/02/2023
Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police
Indonesia

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

04/02/2023
【财政预算案2021】2020年预算赤字达649亿元 占国内生产总值13.9%
AFP

China’s mega-rich move their wealth, and partying, to Singapore

04/02/2023
2024 Olympic torch relay to start in Marseille
AFP

2024 Olympic torch relay to start in Marseille

03/02/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Grab SG appoints PAP MP Tin Peiling as director of public affairs and policy

Netizens question Tin Pei Ling’s conflict of interest as Grab’s director of Public Affairs and Member of Parliament

05/02/2023
Why is Gautam Adani’s Indian empire in turmoil?

Indian regulator reassures investors after Adani rout

05/02/2023
Cognizant India transfers staff to work in Singapore as recently as this year

Local IT grads can’t find jobs while engineers constantly transferred from India to work in SG under CECA

05/02/2023
Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

04/02/2023
【财政预算案2021】2020年预算赤字达649亿元 占国内生产总值13.9%

China’s mega-rich move their wealth, and partying, to Singapore

04/02/2023
2024 Olympic torch relay to start in Marseille

2024 Olympic torch relay to start in Marseille

03/02/2023
India’s Adani shares plunge again after stock sale cancelled

India’s Adani denies rise due to Modi as shares fall again

03/02/2023
TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

03/02/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

They have done a fine job of confusing us about the jobs situation

They have done a fine job of confusing us about the jobs situation

by Augustine Low
01/02/2023
47

...

Adani’s brother runs SG company and registers as director with local ID

Adani’s brother runs SG company and registers as director with local ID

by Correspondent
03/02/2023
25

...

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

by Terry Xu
31/01/2023
40

...

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

by The Online Citizen
02/02/2023
19

...

高庭驳回迪哥达索取警方录供的刑事动议

CEO of D1 Racing sues a woman to claim S$3 million for “emotional trauma” suffered from being friend-zoned

by Yee Loon
01/02/2023
7

...

January 2019
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031  
« Dec   Feb »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz