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Police still investigating after 14 months

In Financial competency on 10/11/2011 at 6:24 am

Profitable Plots has been the subject of a probe by the Commercial Affairs Department (CAD) since August last year. In court on Tuesday, the case was adjourned for the fourth time after District Judge Chay Yuen Fatt granted the CAD another four months to complete its investigations.

Deputy Public Prosecutor Christopher Ong told the court that an adjournment was needed to review the experts’ reports on the case, submitted late last month. He added that this was likely to be the last adjournment of the case.

Gee, if the alleged victims and their champion Tan Kin Lian, the People’s Voice, were to be believed in early 2011, it was easy to prove that they were cheated. That it has taken 14 months to investigate and yet no charges are laid show that they were misrepresenting the facts.

 If the CAD drops its case because of insufficient evidence, I hope Profitable Plots will sue the complainants for damages.

The complainants must realise that there is a cost for unreasonably alleging “cheating” after losing money in an investment, and thereby wasting public funds and the authorities’ time. It would be nice if the government would bill the complainants for the time and money wasted. But since that won’t happen, let’s hope Profitable Plots will take them to the cleaners.

 

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  2. The wise old man has already given his warning about investing with eyes wide open, so be prepared to repent for not following his advice.

    Maybe the authorities are just thinking that since these investors have themselves to blame for being greedy; or whatever, etc., therefore they can’t expect too much in the first place.

    Or maybe there has got to be some cost benefits for them to be efficient. Or maybe there was none.

    • By any strch of the imagination, 14 months is a long time to prove what complainants and Tan Kin Lian said was simple case of cheating. Add to their greed, they were misrepresenting the complexity of the case.

      If the case is dropped, they should be “punished”.

  3. Regardless of PP guilt these were terrible investments with no real prospect for investor returns. It is highly unlikely that any investor will get return of capital let alone any profit. Investments like these should not have been promoted in mainstream media where they appeared to be endorsed by celebrities and ESPN over a number of years. A quick search on google will reveal how big the UK land banking problem is with over £200M lost already.

  4. Agreed. Those complainants that lead to such situation need to pay for all demages to PG, all other clients and CAD.

    Not sure what CAD is up to now ? Keep engaging ‘professionals’ to validate the case. I do hear of professional accountants to validate account, but never heard of ‘experts’ can have the authority to valide business model. I think they should just stop going on as such. What’s next, to get lawyer to validate the contracts ? to get architect and land experts to validate the land ? Can someone advise how to write to government to answer the logic of the approach ? I tho the judge should the expert ? Also have question on why the judge can accept such excuse to extend another 4 more months ??

  5. Alan – I don’t think you should allow your lack of sympathy for Mr. Tan to cloud your judgment on this issue. My enemies enemy is not always my friend. Sunshine investments took the CAD 14 months to investigate and that was an open and shut fraud case.

    Blame the CAD, blame Mr. Tan, blame dark forces the Internet, blame the economy. The fact remains that none of the Profitable Plots UK land sites delivered the promised returns and Boron failed after a few initial payouts (which made it look like a Ponzi even if it wasn’t) .

    Profitable Groups business model is complicated. Profitable Plots estimated 3 returns of 250% when advertising UK land plots in Singapore in 2008. Where are those returns today? Profitable were selling investments in global Boron shipments on the Internet with claimed 12.5% returns in six months. What happened to those shipments and the returns? Profitable supporters claim there is a huge plot of land which is always just about to be sold in the Philippines bringing huge profits to all. Where is that land and what is it really worth? Why cant it be sold ?

    Since all of this cash generating activity was outside of Singapore there is no reason that the CAD investigation should have stopped it progressing. Yet Profitable supporters claim that the CAD has ruined their business. Profitable Directors claim they can’t afford to live in Singapore after making on paper at least over S$100M from selling UK land banking plots like Concorde Village to Asian investors.

    It is easy for Profitable to prove us critics wrong. Convert a UK land site for development. Produce shipping documents for the Boron shipments. Show a huge profit on the land in the Philippines. Pay investors !

    • So now burden of proof has shifted is it? These investors and Tan Kin Lian were saying easy for police to prove they were cheated. Juz raid and seize books. That happened 14 months ago.

      The returns PP advertised shld have warned investors that either the risks were greater than represented or there was the possibility of being cheated. Investors were stupid and greedy. This is one situation where the investors should “sit down and shut up”.

  6. Visit http://www.profitableplots.com, PP posted statements. I believe more to come…

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