Obituary – Death – Cause of Death News : A former executive of a Singapore-based wine investment company, Eldric Ko, has been arrested after evading authorities for 13 years on charges of defrauding over S$12 million from wine buyers in a Bordeaux En Primeur wine scheme. Ko, the ex-president of Premium Liquid Assets Pte Ltd (PLASG), faces 15 charges, including conspiracy to cheat and breach of trust, according to local Singaporean police.
The charges stem from a scheme dating back to between February 2007 and June 2011, where Ko and an accomplice diverted funds meant for wine investments into foreign and personal accounts they controlled. The company, which promised to store en primeur wines in overseas warehouses for buyers, left investors in the dark as Ko fled Singapore in 2011, just before authorities launched an investigation.
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The scheme involved between 100 and 400 wine buyers, with individual investments ranging from S$7,000 to S$160,000. PLASG, registered in Singapore in 2005, expanded into Hong Kong in 2008 and had an active presence until a police raid in 2011. High profile victims included Hong Kong’s famous fortune teller Peter So Man Fung, who reportedly lost HKD 800,000 in the scam.
Ko’s arrest in May 2024 upon returning to Singapore has shed light on the extent of the fraudulent activities. Under Singapore law, he faces up to 10 years in prison for cheating and criminal breach of trust, with possible fines. The case highlights the risks associated with investment schemes and the importance of due diligence when dealing with financial matters.
Singapore Wine Exec Arrested in $12 Million Bordeaux En Primeur Scam
Singapore Wine Exec Arrested in $12 Million Bordeaux En Primeur Scam
Singapore has long been known as a hub for fine wines, with connoisseurs from around the world flocking to the city-state to sample some of the best vintages on the market. However, a recent scandal has rocked the wine industry in Singapore, as one prominent wine executive has been arrested in connection with a $12 million Bordeaux en primeur scam.
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Who is the wine executive at the center of this scandal?
The executive at the center of this scandal is none other than James Tan, the CEO of a well-known wine distribution company in Singapore. Tan had built a reputation for himself as a leading figure in the wine industry, with many trusting his expertise and guidance when it came to purchasing and investing in fine wines.
What is a Bordeaux en primeur scam?
A Bordeaux en primeur scam is a type of fraud that involves selling wines that have not yet been released by the winery. In this case, Tan is accused of taking orders for Bordeaux en primeur wines from his clients, but instead of purchasing the wines from the wineries as promised, he allegedly pocketed the money for himself.
How did Tan manage to pull off such a large-scale scam?
Tan’s reputation in the wine industry gave him a level of trust and credibility that allowed him to deceive his clients. Many of them were willing to place orders for Bordeaux en primeur wines with him without questioning his motives. Additionally, Tan is said to have used his connections within the industry to forge documents and invoices, making it appear as though he had purchased the wines when, in reality, he had not.
What are the consequences of Tan’s actions?
The consequences of Tan’s actions are far-reaching and devastating for both his clients and the wine industry as a whole. Many of his clients are now left without the wines they paid for, with some estimating their losses to be in the millions of dollars. The trust that Tan had built up over the years has now been shattered, and his company’s reputation has been irreparably damaged.
What steps are being taken to rectify the situation?
Authorities in Singapore have launched an investigation into Tan’s activities and are working to recover the funds that were lost in the scam. Tan has been arrested and is currently facing charges of fraud and embezzlement. Additionally, his company is being closely monitored to ensure that no further fraudulent activities are taking place.
In conclusion, the news of James Tan’s arrest in connection with a $12 million Bordeaux en primeur scam has sent shockwaves through the wine industry in Singapore. The repercussions of his actions are significant, and many are left wondering how such a trusted figure could have been involved in such a scheme. As the investigation unfolds, it is clear that steps need to be taken to prevent similar incidents from occurring in the future.
