Take early action

An edited version of this letter was publised in the Straits Times on 19 May.

Editor, Forum page
In his letter “Do your checks before investing in land abroad”, Dr. Tan Tee Khoon gave a good description of the mode of operation of land banking schemes. He said “Potential investors may be misled about the prospects of obtaining planning permission or redevelopment”.

While investors should follow the advice of Dr. Tan in doing their checks before making such investments, there is also a need for the authority to play its part.

When the seller knowingly misrepresents a product that is sold to the public, it can be considered as “cheating”. When the cheating involves a large sum of money and many victims, it is necessary for the authority to investigate the complaints and gather evidence to charge the perpetuators in court.

It is better to take early action, before more victims fall into the trap. It is difficult for the public to be savvy in detecting misrepresentations in statements that are published in documents or advertisements.

We read about similar cases in other countries where action is taken by the authority to close down the operation of companies that are suspected of engaging in fraudulent activities. There is also adequate media publicity to warn the public about these operations.

I hope that our authority in Singapore take the appropriate action to prevent more people from being caught in these schemes.

Tan Kin Lian