Sad that old lady has a part of her savings wiped out. MAS must be more aggressive in mowing down the con men Sunshine Empire, TGG, mini-bonds, etc before they commit the crime. Our courts can impose stricter sentences and not just a few years jail. Set a new ruling that if amount cheated exceeds X$, then death sentence is imposed - to send a message to potential con men that they should go to other countries to look for victims. Con men are calculative. They will work out the potential gains and the potential penalties. And what is the worst scenario.
I am curious, from TGG website, they claim to be a superior investment to other 'paper' assets. Do the investors actually get to see or keep the gold they buy? If not, then how is it different from other paper assets? Also, I read that the mouthly payout amounts to ard 20+ % return. How is that even achievable when the price appreciation of gold don't even reach that high yearly?
I wonder if more could be done to safe guard people from such cheats. I wonder how MAS ensure banks have sufficient funds to repay depositors, something similar should have applied for people putting money into investments.
I am sure such companies have to be registered in Singapore. They must make known their business and a special licence issued to them to collect money. If they don't have such licence, then if people choose to invest, good luck to them.