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.
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