Support Site for The Unemployed & Underemployed
Monday February 27th 2017

Single mum cheated of $30,000 by Cufflinks Holdings meant for sons’ university education


Hi Gilbert

I first got to know the company Cufflinks Holdings through a good friend.

She told me that she invested around SGD 100K with this company in a Condotel project in Philippines and has been getting dividend monthly for the last 6 months.

At first, I was not interested at all, until she brought me to a soft launch of another project by the same company at Batam. It was a soft launch for another condotel project, The Islandica in Batam, Pulau Abang Besar.

The investment requires SGD 30,000 which is lesser than the Philippine project and my friend who trusted this company managed to persuade me to invest.

She told me that she knows the bosses, the two brothers who are also Dato of Malaysia,(sorry I forgot their names). what convinces me to invest was that her son was working for that company and was very involved, so it can not be a scam.

Based on trust, I finally agreed. We invested SGD 30,000 each in the Islandia Project.

The promise offered was:

1) We will get monthly dividends starting from 2nd month of investment.

In 3 years’ time when the resort was built and start running, as in renting out the hotel rooms. They will also give us 2 offers:

1) They will buy back the unit from us at estimated SGD90,000 (more or less)
2) We stay put the money and allow them to run/rent out the unit/room. At the end of the year, we will be be given out the profit from the rental.

I did received the dividend for the first 3 months amounting to SGD300 – 400 each month and received regular newsletter.

But at the fourth month the dividend payment stopped and also the updates.

I started to get worried and contacted my friend but she assuring me that the company is doing alright. After 4 months of not hearing any news from the company, my friend told me that the company is having revamp and caught up in other projects.

After about more than 6 months of no news from the company, finally there was an e-mail stating that the lawyers whom the company engaged has run away with investors’ money.

At a loss and with such lame excuse, I convinced my friend that this is a scam from the beginning.

Betrayed

Editor’s note: a few hundred investors have made official police reports for the alleged scam but as it is not a criminal offence, the police can’t take any action. Lawyers whom the investors approach also didn’t want to take up the case as legally the company has managed to cover most of the loopholes.

A former YPAP ex-MAS official is also in the middle of the scam.

The company is listed under MAS alert scam company

If you are one of the victims of the scam, please write in to us at gilbert@transitioning.org.

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7 Responses to “Single mum cheated of $30,000 by Cufflinks Holdings meant for sons’ university education”

  1. Anonymous says:

    Company: CH Assets International Pte Ltd (formerly known as Cuffz Holdings Pte Ltd)

    Owners: Bryannz Fan and Ray Fan

    How: Always having tons of projects, always do up fake reviews and websites for said projects, always changing and jumping from projects to projects, always telling you returns takes 2-3years.

    I do pity many whom are being brainwashed. Some whom really wanted to earn their first pot of gold and help make a difference for their family that is financially burdened. Its also a pity that the one place you can go to, will always have the same response, “There is nothing we can do”. Which makes me wonder what are these governing bodies doing? Just there to provide ‘alerts’? Whether or not something is suspicious in activities?

    Many are uneducated and many are really being scammed of their hard earned savings, trusting their families or trusted friends, that this could be that chance of turning their life around. Who knew, it really did, for the other way round of course.

  2. J~A says:

    This is perfectly legal in Singapore? The law incapable of doing anything about this? Ok!

    Blacklisted already, just start a new one under a new name lor. So easy in Singapore I guess.

  3. Benjamin says:

    By the way the brothers are not datuks nor datos of Malaysia. I verified this claim against their respective Facebook profiles which featured the sultan and the conferment hall.

    Their datukship is conferred from a regional chieftain located in Indonesia, and is not recognized by any state government nor the federal government of Malaysia. In fact, as the “Indonesian sultan” is located in Indonesia, except sultan HBX of yogyakarta, all sultans of Indonesia are purely titular.

    FYI there are at least 1000 self proclaimed sultans in Indonesia, most with zero credibility

  4. Anonymous says:

    I have been scammed 40k in total, i brought in my friends who i though i was bringing thme in to do business together , i was lied to.
    im so sorry all my friends , i know you guys will never forgive me.. but im so so sorry.

  5. Texas says:

    This it the method the ponzi Sunshine Empire that adopts that “family & friends” working in the company is scam to entice naive to invest !!!

    Greed … is the cause of people losing their money !!!

  6. Bella Wan says:

    I am a victim of this scam too. I invested about 20 k since 2011 and never get back a single cents. I cursed myself for being so stupid as to trust anyone. Let this sorts of people meet with a horrible death.

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