Police called to Ubi office after angry investors demand refund

Promised profits from gemstone-crypto scheme did not materialise, say investors

- Christine Tan

Investors trying to get their money back from a gemstone scheme which bears the hallmarks of a multi-level marketing programme say they have been stonewalled for years.

The investors, who set up a chat group of about 100 participants, include a number of elderly retirees. On Aug 23, about 10 of them turned up at the fourth floor of Ubi Techpark, in Ubi Crescent, and thumped tables and shouted at staff.

The police were called in to restore calm. The Straits Times understands that they are looking into the investors' complaints.

The investment scheme involved amber gemstones. Investors were awarded points, which could be redeemed for cryptocurrency tokens that promised high returns.

Ms Shonna Seow, 42, a business owner, turned up at the Ubi Tech-park office on Aug 23 with her parents, who are in their 80s.

She said her parents each invested $35,000 in 2017 with Global GC. Her mother told ST in Mandarin: "We didn't earn any profits, not even one cent. We only got a few hundred dollars from introducing new members. They said those were profits, but it was actually only commission."

Ms Seow said that when they tried to get their money back, they were told they had to pay a sum of money.

She said the money her parents invested was part of the proceeds from selling their three-room flat. "They wanted to keep the money for their retirement. But they were swayed by their friend's words to invest.

"I asked the (firm's representative), 'These old people don't even know how to use computers, how do you expect them to understand cryptocurrency?'" she said, adding that she has made a police report.

Retiree Dennis Tan, 56, said he invested more than US$20,000 (S$25,800) in 2015 with USFIA Singapore.