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When a woman saw an advertisement claiming that she could earn money from renting out vending machines, she thought it was a good investment opportunity. After paying more than $8,000, however, Wang Meiling (transliteration) realised it might be a sham.22 people allegedly lose over $200k after investments in vending machines go up in smoke
When a woman saw an advertisement claiming that she could earn money from renting out vending machines, she thought it was a good investment opportunity. After paying more than $8,000, however, Wang Meiling (transliteration) realised it might be a sham. The 52-year-old, who is self-employed, told Shin Min Daily News that she signed a contract with a company named CloudRetail on Dec 4 last year. She was told that CloudRetail would help investors open a company in Hong Kong, and apply for a government grant to purchase three vending machines, which they could rent out and receive earnings. CloudRetail also claimed that they had offices in Hong Kong, Australia, China and Malaysia, and worked with reputable brands such as Chow Tai Fook, Royce Chocolate, Samsung Pay and Giordano. To start on her 'investment', Wang had to pay a sum of $11,000. «I made a $3,110 down payment, and paid the remaining amount in six installments of $1,315 each. I've made four payments so far,» she said. When she enquired about the progress of her grant application in January, CloudRetail informed her that she had to wait. Read more