25 Jul '17, 3am

981 Singaporeans among investors duped in Ponzi scheme

Macro Realty Developments, controlled by Veronica Macpherson, received more than AU$110 million from over 1,700 investors. (Photo: Facebook) A property company believed to be engaged in a Ponzi scheme is being investigated by Singapore police after it allegedly conned hundreds of investors, including 981 Singaporeans out of millions, reported the Australian Broadcasting Corporation . Controlled by Australian Veronica Macpherson, Macro Realty Developments received over AU$110 million (S$119 million) from more than 1,700 investors. Aside from the Singaporeans, there were also 651 investors from Malaysia, 58 from the UK, 31 from Australia and 17 from Europe. The Singapore-based company offered investments to finance property developments in Pilbara, Western Australia, promising annual returns of as much as 18 percent. KPMG liquidator Hayden White, however, revealed that the i...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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