'Forex fund manager' vanishes with $500k, at least 10 affected
At least 10 people have been lured into a forex trading scheme with promises of impressive profits, only to find their investments vanish along with the alleged fund manager.
One victim, a 40-year-old woman surnamed Xu, said she was introduced to the alleged scammer, identified as Li Shipeng, by a friend.
Li boasted about his forex fund, claiming it generated a daily return of one per cent.
Desperate to help her father with his mounting medical bills, Ms Xu invested $56,758 between March and November 2022.
She told Shin Min Daily News she initially received $18,750 in interest payments, bolstering her trust in Li.
"I told him this money was for my dad's retirement, and that he has heart disease and high medical expenses," Ms Xu recounted. "He used this fact and kept saying I need to invest to get more returns and pay for my dad's medical bills."
But her hopes of financial security crumbled in December 2022, when Li suddenly stopped paying out profits.
He offered a string of excuses, blaming a lack of investment capital and promising new, more lucrative opportunities if she just continued to trust him.
Ms Xu last saw Li in December 2023 when he returned $1,000, promising to repay the rest. But he later became uncontactable, leading her to file a police report.
Ms soon discovered she wasn't alone. A group chat revealed at least nine other victims, some claiming Li had been running this scheme for five to six years, potentially amassing more than $500,000.
Another victim, 70-year-old retiree Lin, lost over $30,000 of her hard-earned pension money.
Li, she said, presented himself as a kind and filial son, even sending pictures of himself making charitable donations and taking his mother on overseas trips.
Ms Lin added many others who invested with him were senior citizens taken in by his act.
The police confirmed that investigations are ongoing.
Get The New Paper on your phone with the free TNP app. Download from the Apple App Store or Google Play Store now