LEGAL TINGS | A PODCAST ABOUT ALL THINGS LAW AND LEGAL.

How did a $2 million investment scam unravel?

The case of a Singaporean businessman’s fraudulent offshore bank deal sheds light on critical red flags:

1. One of the partners, based in Australia, became suspicious after the investor transferred $4 million without verifying the bank`s value.
2. After discovering that the other partners were embezzling funds, the Australian partner warned the investor and returned $1.2 million. However, the remaining $600,000 led to a lawsuit.

In early 2024, the High Court ruled that the investment was deceptive and that the promised 20% stake never existed. The investor was entitled to a refund, but only the remaining $600,000 was to be repaid.

Remember, always verify the details before making large financial commitments—unverified investments can lead to significant losses.

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In Singapore, the presumption that a parent intends to gift jointly held property to a child upon death can be rebutted, particularly when multiple heirs are involved. Clear evidence of the parent’s intentions and financial contributions is vital.

For example, if a parent and child co-own property, the presumption of a gift may be challenged in favor of equitable distribution among siblings if there’s no evidence of preferential treatment.

Watch the full podcast on our YouTube channel now.

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Learn from this wake-up call where a Singaporean businessman fell victim to a bank investment scam, resulting in him losing $2 million. Tune in to our YouTube podcast right now.

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