MinLaw suspends company's licence over undelivered luxury goods worth $32m

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SINGAPORE - Eager to get two Rolex watches to sell for a profit, watch collector Max paid a couple $280,000 for them and for a Patek Philippe watch.

When the couple became uncontactable, he realised his money was as good as gone.The Straits Times understands police reports have been made against the couple over undelivered luxury goods, mostly watches, worth at least $32 million.

"Registered dealers are regulated by the Registrar of Regulated Dealers only for anti-money laundering and countering the financing of terrorism purposes," said a MinLaw spokesman. Max, 48, who works in manufacturing, said he had entrusted most of his life savings to them in April. "I made eight more purchases with them in a span of three months, but sold most of those watches to make a profit."

Over 140 customers have not received their goods, which include Hermes Birkin and Kelly bags, Rolex and Patek Philippe watches. PHOTO: SHIN MIN DAILY NEWS

 

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Everyone thinks that they will not be scam u til they gotten scam. Heuristic be damned. Only admission of the need to upskill Ur knowledge is best strategy . One man fool is a PSA to other people who think they will not be scammed. Traumatic event I admit though

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