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29 investors file police reports against property investment firm over land purchases in Johor, Australia
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Developer Jerome Tan Tor Teng was declared an undischarged bankrupt on Oct 28, 2021.
PHOTO: BT FILE
SINGAPORE - At least 29 police reports have been filed against property investment company PIP Holdings. The complainants are among about 170 investors alleging that they are owed money in investment projects that amounts to millions of dollars.
Among the 29, some transferred at least $10,000 each to PIP Holdings, run by Singaporean developer Jerome Tan Tor Teng, to build a theme park in Geraldton, a coastal city in Western Australia. They were told they would get the principal sum back with interest accrued once the loans matured.
Among the 29, some transferred at least $10,000 each to PIP Holdings, run by Singaporean developer Jerome Tan Tor Teng, to build a theme park in Geraldton, a coastal city in Western Australia. They were told they would get the principal sum back with interest accrued once the loans matured.
Other investors say they entered into a contract with PIP Holdings where they would buy an option to purchase for around $9,900 each, purportedly giving them the right to buy land for a fixed price in the areas the company claimed it was developing.
