38-Year-Old Singaporean Accused of Taking Over S$10 Million in ‘High-Return Investments’

SINGAPORE — A 38-year-old man, known as E, has come under fire for allegedly deceiving dozens of individuals out of more than S$10 million through what he promoted as high-return investments. It all started with E boasting about his knack for “growing money” and securing returns as high as 40 percent. His claims attracted many who believed in his investment prowess, but when the returns stopped, his promises unraveled.

Some of E’s alleged victims, many of whom were his friends and acquaintances, claim they were enticed by E’s charisma and claims of lucrative business ventures in Singapore and Thailand. One man, who invested S$150,000 over five years, received only S$10,000 in returns. Another alleged victim, Lim, contributed S$2 million but saw only S$500,000 returned before the scheme collapsed.

At least 10 police reports have been filed against E, with individual losses ranging from S$50,000 to S$3.2 million. These complaints have spurred further reports, with some alleging that E’s network of victims could include as many as 30 individuals and estimated total losses exceeding S$15 million.

E allegedly convinced many investors by claiming he owned a series of businesses, including investment ventures and partnerships in various local establishments. He even registered a company with one victim, presenting coffee shops, bars, and nail salons as part of his investment portfolio. However, reports indicate that E often used flashy cars and elaborate stories to create the appearance of wealth and security.

In an interview with Mothership, E admitted to deceiving investors, saying he had committed “one lie after another” but denied running a Ponzi scheme. He characterized his actions as “a cycle of taking money to pay interest,” rather than an outright scam, and claimed his total debt was below S$10 million.

E’s actions have left many of his alleged victims facing financial hardship, with some still owing large sums to friends and family. One individual, who saw himself as E’s “business partner,” shared that he borrowed over S$3 million, resulting in personal crises and family struggles. Others, like Sum, E’s ex-colleague, continued lending him smaller amounts even after the scheme’s collapse, driven by a desperate hope to recover their initial investments.

E maintains he has cooperated with police investigations and expressed remorse for his actions, revealing he has liquidated his assets and taken loans to pay off his debts. Currently out on bail, E awaits further legal proceedings as his alleged victims try to rebuild their lives and seek closure.