A client approached JMS Rogers as he was facing a debt of SGD$57,500. This debt was due to the him giving his friend a business investment that promised a yield of 8 percent a month. His friend had instructed him to make the transfer to a designated bank account and he signed an investment contract.
Within the 1st month of the investment, our client did not receive any of the returns that were due. Upon asking his friend about the returns, he was told to wait as they needed more time. Days turned to weeks and weeks turned to months.
Our client approached us, showed us all the correspondences and the contracts and the transfer proof.
Through our investigation, we discovered that the transfers were made to a personal account and not a corporate account. It was also discovered that the business registration activities were differing from what was proposed as an investment.
Through engaging JMS Rogers, we were able to confront the friend with all the above facts, and much more and within 3 months, our client received all the money back.
What can we learn from this:
1. If it is a business that you are investing into, always ensure that you check the bank account details that you are transferring to.
2. Check the details of the company thoroughly before committing to ensure that everything is in order and nothing makes you feel uncomfortable.
3. Always clarify as much as needed as to how the returns are generated and not be blinded by the amount you can receive.
