Post by me200 on Nov 27, 2013 8:47:21 GMT 7
I received an email from a friend regarding his unfortunate investment journey.
Lesson learn for me is that invest what you know and within your circle of competent.
Just to let you know that Mohan the Crook who cheated Million of dollar of Singapore Wine investor, from what I understand from the CAD officer he will be release from Jail this month. Unfortunately he will be a free man again after this.
The legal fee to sue him for bankruptcy is too expensive for a few of us who wanted very much to take action against him. Therefore we can only hope through internet media and your help to warn all your friends about him.
Attached is his photo and the news article about his crime below. Please note that the new reported that only SGD$176K he cheated out of investor. That is not true because the CAD did not do their job to make sure they get all the investors involve to make a police report. All they do is just recorded the statement for those who make the police report. A few of us has make a complaint to the police commissioner when we saw the new article but there is nothing we can do since the judge already pass the sentence. To ask the court to review the case again, the CAD would not want to spend the time and effort to do it. So please don't think our legal system is fair or police officer is doing their job. The CAD also tell us that it is not their job to make Mohan a bankrupt or help us to get our money back. After this incident I realize that if you don't have someone who has political muscle power to help you, the law enforcer here would not take you seriously.
So the only way to protect ourselves, your love ones and friends is to help us to spread the message to warn other people about this Crook, MOHAN.
11 months' jail for investment scam
Date 28 Jun 2013
Author Khushwant Singh
TWENTY investors poured nearly $176,000 into the Assetton investment company to buy high-quality French wine so they could sell it for a profit in the future.
They received certificates apparently from Grand Cru Storage attesting that their wines were safely stored at a facility in Bordeaux, France.
But it was all a sham, a district court heard yesterday. The certificates were fake and in many cases, no wine had been purchased.
Mastermind Mohan Nainan Nainan, 55, was jailed for 11 months after he pleaded guilty yesterday to abetting in the forgery of the certificates and misappropriating the $176,000.
He was the director and a shareholder of Assetton, a firm he had founded in December 2007 to sell French wines as investments.
In 2009, he accepted $6,532 from an investor to purchase 12 bottles of fine wine. He had convinced her that she would be able to make a profit in three to five years' time.
In January 2011, she instructed him to sell the wine. When she did not hear from him after six months, she checked with Grand Cru Storage and discovered that her bottles were not stored at its facility. Nainan had not bought the wine.
In another instance, he pocketed the payment for six bottles of Chateau La Mission Haut Brion 2000, six bottles of Chateau Lafite Rothschild 2000 and six bottles of Chateau Margaux 2000, which he sold for another investor. These wines were valued at more than $31,000.
Nainan also lied to the Registrar of Companies that his company's paid-up capital was $450,000. But the shareholders had not paid for the shares issued to them.
He was fined $7,000 for contravening the Companies Act.
Pleading for a lenient sentence, defence counsel Samuel Chacko, who represented Nainan pro bono, told the court that his client did not misappropriate the money for "personal enrichment" but to pay staff salaries and rent an office.
Deputy Public Prosecutor Muhamad Imaduddien pointed out that the sum embezzled was "significant" and no restitution had been offered.
His jail term was backdated to Jan 22, the date he was remanded. For forgery, he could have been jailed up to four years and fined up to $10,000.
Nainan could have been jailed for life and fined for the misappropriation offences, while contravening the Companies Act carries a fine of up to $50,000 and/or a jail term of up to two years.