A Police report has been filed in Singapore by a person who thought that they were Malcolm Tan’s business partner, until he found that the business in which he invested was earning revenue through potentially fraudulent use of the PIC scheme.
A copy of the report is below.
The full content of the filed police report is as follows:
“I met Malcolm through a Singapore Business Federation’s seminar. We spoke about business and we became business acquaintance. One day in Dec 2015, Malcolm texted me via WhatsApp to invest in his new business venture, Zaffiro holdings. He has misled me into believing more investors already injected into the venture. I was also given the impression that the capital injection is based on full cash injection. I agreed and told him that I was interested to put in 50K as a 5% equity.I paid him using cheque and handed over the cheque personally on the 31/1/2016.
After which, in February, I texted him to check with him who else is putting the 95% for the capital and he did reply but changed the calculation on the capitalisation. He added in some absurd valuation of unproven businesses and also added in PIC rebate income as part of the calculation. I also sat in a couple of Zaffiro holding’s meetings and was not comfortable with Malcolm’s strategy of earning through PIC rebates from customers. I did not feel it was right as he was trying to earn by cheating taxpayer’s money through PIC. As such I decided to withdraw from the investment.
One the 23/02/2016, I informed that I would like to pull out from the investment and asked him to return my $50K. He informed that he would do so however he kept prolonging the payment till date. There have a handful of people who have been cheated by him and I wish to inform that he may still continue to cheat others. I am lodging this report for investigation purposes. Thank you.