Land banking - call on CAD to investigate

Many investors bought a land banking product with an option (guarantee) that they can withdraw their investment after 12 months with a certain rate of return. They exercised their option, but the land banking company refused to honor the promise.

The investors lodged a complaint with the CAD (Commercial Affairs Department) but the CAD officer told them to see a lawyer and take a legal case. One investor went to see the Member of Parliament and was advised to lodge a complaint with CAD.

Why are our public officers not doing their job? They seem to be passing the buck around. One point to the other. The poor citizens, having "lost" their money, have to go on a merry go round. It seems that they have to carry out their own investigation.

It is the duty of the CAD, on receiving several similar complaints about this land banking company, to carry out an investigation. At the least, they should ask the land banking company to give an explanation, so that the CAD can decide if there is a potential case of cheating. If so, they should carry out more detailed investigation to gather evidence and charge the wrong doers in court.

If the investigation shows that there is no cheating, it will then be appropriate for the CAD to advice the investors to take up a legal case for specific performance.

I suggest that all the affected investors should get together and collectively go to see a Member of Parliament. If you go togther, you will be able to bring your point across more clearly to the MP. Ask the MP to write to CAD to carry out an investigation.

After refusing the honor the promise to repay the earlier investors, the land banking company continue to sell the product to new investors. Will this become a ponzi scheme?

I am worried about the future of Singapore. If our public servants and elected leaders do not carry out their duty, things will get worse. There will be more cases of cheating.

Is it due to lack of manpower in CAD that they cannot carry out any investigation? Or do we now have officials that do not like the ground work and prefer to sit behind a desk and write reports?

Tan Kin Lian