SINGAPORE - A housewife who ran a Ponzi scheme from 2010 to 2015 and cheated 53 people of more than $35 million in total was jailed for 14 years.
The court heard that Leong, 55, also told her victims that she would use their investments to fund start-ups and reap"lucrative monthly returns". However, she did not use her victims' funds for their intended purposes. The Straits Times understands that Leong used to be a real estate agent, but she was no longer one when she committed the offences.
DPP Chin said:"The accused told the victims that their funds would be used to purchase such properties. In addition, the accused told the victims that she would resell these properties to her ready pool of foreign buyers, who were keen to invest in Singapore properties, at higher prices. The difference between the prices would therefore constitute the profits earned by the victims."She then invited them to invest money with her, promising monthly returns of 7 per cent to 9 per cent.
In 2015, the Commercial Affairs Department received police reports lodged by complainants against Leong.
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