Following the success of his first venture with A2A, Lee invested S$300,000 in other projects with a longer maturity. He told The Straits Times that he has not received any money yet.
Property manager Veronica Chen invested in two schemes after an A2A representative told her in person and via SMS that she could earn nearly three times her initial investment over 10 years.
Investor and businessman Vijay N invested S$50,000 in two projects in 2012 and 2013. He had expected his first payment in 2014 but received it mid-2016 and it was much lower than expected at S$700.
When Mr N contacted A2A in February, he was told by the firm’s client services department that the company had relocated to the Philippines because the authorities in Singapore were “putting regulatory impositions” on land-banking products.
As a result, the firm decided to “disband retail sales and operational activities” there.
When contacted for further information, Dirk Foo, president and chief executive of the A2A group of companies told The Straits Times that its query had been “forwarded to management in the US”.
