Bangladeshi workers worry over investments
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Some Bangladeshi workers in Singapore are fearing for their investments as the firm they entrusted their money with has stopped responding to them.
Around 20 of them said they had invested about $200,000 in a variety of ventures - ranging from a cooperative later revealed to be unregistered, to a property development called Singapore City in Dhaka - managed by a firm called Evershine Group. Their investments matured late last year but they claim that none of them has received the promised payouts.
The investors said they attended property shows at a local hotel organised by the firm, which said it had offices in both Bangladesh and Singapore. Payments were made to a local office located in a shophouse in Little India, above a restaurant which they said is run by the boss of Evershine Group.
They showed The Straits Times their investment prospectus, title deeds and receipts.
Mr Nayeem, 34, a gardener who goes by one name, said: "I trusted (the boss) with my money (and)... wanted to move out of my village and into (Bangladeshi capital) Dhaka."
He had invested in Singapore City. He remembers attending a roadshow in 2012 at a local hotel, where he was handed brochures and material showing the mock-up of a gated community's entrance, which came with a replica of the Merlion statue.
Construction manager Rifat, 42, another investor who also goes by one name, said: "I wanted to live in a place that reminded me of this country which I love."
Both had also put money in a co-op called Evershine Multipurpose Co-operative Society, which is believed to be illegal. It is not listed on the website of the Ministry of Culture, Community and Youth.
The investors had each paid between $600 and $2,400 a month for those properties, on top of an initial $2,400 paid to the co-op. Some were promised that their capital would double after two years.
This is a satirical website. Don't take it Seriously. It's a joke.
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