Foreign Workers SCAMMED $200k by Illegal Singapore based firm

Being a foreign worker in Singapore is tough.

You have to leave your family and friends behind, come to work in an alien country, and toil physically for hours under the grueling sun, day in day out.

Foreign workers in Singapore tiling road
Foreign workers in Singapore tiling road

It only gets worse when despicable people try to make a quick buck off your hard-earned cash.

Over the past weeks, around 20 Bangladeshi workers are reported to have spoken out about not receiving promised payouts for their investments.

The foreign workers invested around $200,000 into various ventures managed by a firm said to be called Evershine Group.

They paid between $600 to $2,400 a month to the properties, over a period of over three years, which for some of them was more than their monthly salary.

work_history_survey_header
The average pay of foreign workers in 2017 was slightly under $600/month. Source

They were persuaded to attend property shows organised by the firm back in 2014, which claimed to have offices in both Singapore and Bangladesh.

They were showed plans for projects that seemed enticing: one was about building a “Singapore City” in Dhaka, the capital of Bangladesh, and were promised double payout within 3 years of their investment.

Singapore city
Having a “Singapore City” back in their hometown enticed many of the foreign workers

Needless to say, many were convinced.

Construction manager Rifat, 42, reportedly said: “I wanted to live in a place that reminded me of this country which I love.”

The foreign workers were due to collect their promised payouts in December 2017, but nothing came. Attempts to contact the investment firm’s boss also failed.

It was later discovered that the so-called cooperative Evershine Multipurpose Co-operative Society was, in fact, not registered. Authorities believe it to be illegal.

MCCY
Cooperatives that are registered will be listed in MCCY’s website

An investigation by the Accounting and Corporate Regulatory Authority also revealed that the parent firm, Evershine Engineering Construction, was acquired by new owners in 2014 after the workers started investing, and had nothing to do with the illegal cooperative.

The owners also claimed to know nothing about the investments.

The relevant authorities have been made known the issue, and are attempting to resolve the situation.

Hopefully, these foreign workers get their hard-earned money back, and learn not to casually invest in illegal co-ops in the future.

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