'We didn't earn any profits': Angry investors demand refund from gemstone scheme, police called to Ubi office
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SINGAPORE — Investors trying to get their money back from a gemstone scheme which bears the hallmarks of a multi-level marketing programme say they have been stonewalled for years. The investors, who set up a chat group of about 100 participants, include'We didn't earn any profits': Angry investors demand refund from gemstone scheme, police called to Ubi office
SINGAPORE — Investors trying to get their money back from a gemstone scheme which bears the hallmarks of a multi-level marketing programme say they have been stonewalled for years. The investors, who set up a chat group of about 100 participants, include a number of elderly retirees. On Aug 23, about 10 of them turned up at the fourth floor of Ubi Techpark, in Ubi Crescent, and thumped tables and shouted at staff. The police were called in to restore calm. The Straits Times understands that they are looking into the investors' complaints. The investment scheme involved amber gemstones. Investors were awarded points, which could be redeemed for cryptocurrency tokens that promised high returns. Shonna Seow, 42, a business owner, turned up at the Ubi Techpark office on Aug 23 with her parents, who are in their 80s. She said her parents each invested $35,000 in 2017 with Global GC. Her mother told ST in Mandarin: «We didn't earn any profits, not even one cent. We only got a few hundred dollars from introducing new members. They said those were profits, but it was actually only commission.» Read more