Land banking company refused to refund the money

Dear Mr Tan
I am an investor who has invested in a land banking project with X. Despite my investments maturing, X has not paid me the interest or the exit price. They keep postponing the issue by responding to my queries only verbally (nothing concrete in writing). If possible I would like to join other such investors in any class action suit that might be in the offing.

I must also add that I called CAD branch of Singapore police to report the obvious irregularities at X in their misrepresentation of their products to their clients. CAD officer directed me to a lawyer (who as you know charge anywhere from $600-$900 per hour).

I am not sure who is the right regulatory body in Singapore that will deal with such a case. I am very surprised that a company like X is operating without any check in a place like Singapore and is blatantly treating many its clients with disdain. I was wondering if you could suggest what recourse I can take.

REPLY

It is the duty of the Commercial Affairs Department to investigate if this is a cheating case, especially as they have received a complaint. They cannot just push this matter to the lawyer. I suggest that you see your Member of Parliament.