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How a property investor was conned in a $2.4m overseas home scam
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A simple check such as visiting the site of the overseas home would have shown that the deal was a scam, as the address led to a forest.
ST ILLUSTRATION: MANUEL FRANCISCO
Follow topic:
- An Indonesian buyer lost $2.3 million on a Hokkaido property scam after trusting the seller's pitch without due diligence.
- The High Court ruled in favour of the buyer, highlighting the importance of site visits and independent checks before investing.
- Investors should avoid pressure tactics and prioritise thorough investigation over "fear of missing out" to prevent financial loss.
AI generated
A property investor learnt an expensive lesson on why she should not have bought a $2.4 million overseas home by just listening to the sales pitch and reading the project brochure.
She and her appointed representative were so taken in by the seller that they were misled into believing the housing project in Japan was as safe as developments in Singapore and there was no need to appoint their own lawyer to do the necessary checks.
