From 2005 till maybe late 2011, quite a number of Malaysian investors fell for the Boston Asset Management (BAM) scam which had nothing to do with the actual Boston Asset Management of US. The ring leaders were Keith Wotherspoon and Bryan Gauson who claim to have had taken over BAM from previous founders of the company. We don’t have actual detail of how BAM operated in Singapore but in Malaysia, the front was through Peninsula Asia Capital and the money lending entities belonging to Ranjeet. The promised return was 11% per annum if investors invested over $500k. I was told by one VJ that in Malaysia alone he suspects BAM had “cleaned” over $43mil and involved over 200 investors. Apparently there have been numerous police reports and reports made to the SC but as usual, Ranjeet and Rashpal managed to get them covered without any actions from the government. Particularly some action started by the SC in late 2011 suddenly got derailed after a new chairman of SC got promoted in early 2012. Only Rashpal can answer the question how the mechanics of this BAM scam worked and how Ranjeet and Rashpal monitised the scam.
Here are some references i managed to find in the internet
http://robertrossinvestigates.blogspot.com/2018/05/class-action-suit-to-victims-of-boston.html
https://www.andrew-drummond.news/ponzi-alert-fend-off-kings-cup-stars/
https://www.andrew-drummond.news/a-life-on-ocean-waves-but-with-whose/
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