09 Mar '11, 7am

CAD's investigation against Profitable Plots reaches advanced stage

SINGAPORE: The Commercial Affairs Department (CAD) is at an "advanced stage of investigation" into 229 complaints made against Profitable Plots Pte Limited (PPPL), a District Court heard Wednesday morning. The complaints were from investors alleging that the company had cheated them into investing various sums of monies, totaling about S$23.5 million, in various schemes promoted by Profitable Plots. Investigations began last August, with the Public Prosecutor seeking to freeze about S$55,548 seized by CAD for a further six months, Wednesday morning. In his two-page report, investigating officer, Assistant Superintendent (ASP) Ho Ban Hsiung, said the Department has sought assistance from overseas law enforcement agencies and are awaiting their replies. ASP Ho added, "We are also in the process of appointing an accounting firm to prepare an expert report on aspects of PPPL's...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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