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Man admits to misappropriating over $1.4m in teak wood investment scam

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SINGAPORE - To dupe investors into pouring their money into a fake teak wood investment scheme, a man and his father invited potential investors to seminars and even a site visit to a teak plantation

in Indonesia.

Goh's father, Goh Toh Heng, 79, who claimed to be a director of an Indonesia-incorporated company identified in court documents as"PT Abby Resources Minerals", was involved in the ruse. His case is pending. The investment agreements assured investors of a guaranteed return of the principal sum at the end of the investment period.

Prosperity Ventures was operated by the younger Goh from a shared office workspace. He hired staff to market the investment schemes.

 

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