CPF is better….
SINGAPORE – More than 100 unhappy investors gathered outside the Police Cantonment Complex on Monday to make police reports to the Commercial Affairs Department (CAD) about a local investment company.
They had invested in a gold buyback scheme with Suisse International but claim that they have not received their promised monthly payouts since September.
Customers were told Suisse International bought and sold gold to turn into novelty coins to be sold at a profit to local or overseas companies.
One investor, Mr Teo, said he had borrowed money from a bank to invest. Since July 2013, he put in several hundred thousands of dollars and introduced more than 10 friends to the programme, which he said he now feels bad about.
“At first I thought the investment was not bad, there were returns… it looked legitimate, the office in Toa Payoh was so big and I was at the opening of the Johor Bahru office as well,” said the retiree who is in his 50s.
“But the more we hear, the more we feel we have been very naive. It’s a really painful feeling. We want to tell the bosses to come out and have a press conference and tell us when they will repay us.”
“Like my mom used to tell me,” said Gan Soon Meng, 73 a retired fire fighter.
“If it’s too good to be true, then it’s definitely not true.”
“Lucky my money all locked up in the CPF. The interest maybe not much but at least I won’t get cheated,” he added.