Fraud Car Dealer absconded with close to $1m!

[Hamburger]

Wayang Kong hee fatt choi case but only a horse back cannon and nothing can be done, only to appease the people's  temperament.

 

This kind of fraudulent cases been around for ages but nothing  is done and they cant be bother to wayang  even. 

 

Truly we deserve it.

[RogerNg_185295]

this kind of industry if want to open must put deposit minimum 1/2 a million.....see whether those kind of piakers want to play other people money or not. If no 1/2 mill......go fly kite! Want to buy car need to pay 40% up front.....want to open pi dealership only need to register small amount! Any Tom with small dick but harry balls can open one.....chiak the deposit and run road and the authorities can do nothing about it. Not the 1st time and wont be the last until the authorities wants to clamp down on such fly-by-night operations.

I think we will still see a few more cases before 2018 ends

[Evillusion]

All companies are like that, car industry is more susceptible to such fraud due to the big amounts involved. We have all heard of the various renovation company scams also, take deposit then run.

reno is pay gradually as the work progress....thats how i did it last time but my con is a good classmate of mine. Car industry is like the downpayment can be huge involving tens of thousands of dollars and involving many customers. The authorities really needs to get this industries reined in.....every month there will be reports of a few customers kana cheated. At least with the deposit....the pi have more to lose when they suddenly decide to close shop and run road.

[Evillusion]

I think we will still see a few more cases before 2018 ends

ya.....when car dealers seems to give a good discount....many will try and grab thinking its the best deal around. Thats why i hope this industry is heavily regulated by the authorities.....not only for buyers but also for dealers! How much to open a pi dealership? I think one SES grouo dinner is oredy enough to open 1....

[flashbang]

reno is pay gradually as the work progress....thats how i did it last time but my con is a good classmate of mine. Car industry is like the downpayment can be huge involving tens of thousands of dollars and involving many customers. The authorities really needs to get this industries reined in.....every month there will be reports of a few customers kana cheated. At least with the deposit....the pi have more to lose when they suddenly decide to close shop and run road.

Reno deposit is typically 50%, not that different from cars. Contract amount is smaller but they make up for it by getting many customers.

[Freeder]

End of the day , as long with those Beng kias linked business, u All better pray hard hard that they don’t piu,.

Chances are , they will most of the time especially when money and love are involved..

Come to think of it, how can we trust them with huge money transactions with background like these,,

Uniquely Singapura..

Edited March 24, 2018 by Freeder

[Evillusion]

End of the day , as long with those Beng kias linked business, u All better pray hard hard that they don’t piu,.

Chances are , they will most of the time especially when money and love are involved..

not sure about that....when i and those i know were doing our reno we oni had to come out with the price of materials 1st (usually flooring)....after materials arrived and work starts then pay another lump sum....total 3-4 lump sum and the most is when they have completed all the works.

The only cork-up i had experience was when my oldest brother decided to give his reno work to his friend....after materials arrived fella went mia and the works were delayed and my mum had to ask my school friend to come into the picture. He sorted out things with his 'friend' and my schoolmate finished the reno......

The gov really need to tighten the screws on this unruly car dealers......

[t0y0ta]

One question is why there are still "lambs" flocking to the fly-by-night shops... when there are big AD, small AD, reputable PI etc that can offer similar products.

 

When the "lambs" get slaughtered, then KPKB go CASE, go newspaper, go FB, go coffeeshop.......

[inlinesix]

For these PIs, the govt should impose a rule that these company to present their financials every half yearly to reduce the probabilities of such fraud cases.

 

If govt serious about consumer protection.

[350z]

Sort of...not so nice for me to deft into the details...I’m just an outsider within the inner circle...

 

I was surprised it didn’t surface on Sg news, it happened a couple of months back...

 

Volks Auto... ring any bells?

 

 

 

Ya, I wonder too, how you know about unreported news. This news is from the inner circle. The fraudsters who suicide are your close relatives?

[kdash]

One question is why there are still "lambs" flocking to the fly-by-night shops... when there are big AD, small AD, reputable PI etc that can offer similar products.

 

When the "lambs" get slaughtered, then KPKB go CASE, go newspaper, go FB, go coffeeshop.......

because they look for the cheapest deals... with no regard on who the dealers are...

[DACH]

One question is why there are still "lambs" flocking to the fly-by-night shops... when there are big AD, small AD, reputable PI etc that can offer similar products.

 

When the "lambs" get slaughtered, then KPKB go CASE, go newspaper, go FB, go coffeeshop.......

Consumers have to be smart too. 

[Ody_2004]

Consumers have to be smart too. 

 

Many times they thought they are until they are outsmart by others..

 

For property transaction in the past I think lawyers were involved in collecting deposit or down payment.. right now i believe a centralized "holding" area is to hold all these money collected instead before paying to the developer.

 

For PI and ADs, beside putting a security bond with the govt, a similar way can be introduced to protect the car buyers, all deposits goes into this "holding" area and dispense to the dealer only when the car is delivered. 

[RogerNg_185295]

because they look for the cheapest deals... with no regard on who the dealers are...

You think the they can save a lot?

[kdash]

You think the they can save a lot?

some dealers purposely put a low price just to get the buyers to go there. once reach, they say the particular car is sold and ask them to consider other cars. in the end the buyer pays market price...

[DACH]

some dealers purposely put a low price just to get the buyers to go there. once reach, they say the particular car is sold and ask them to consider other cars. in the end the buyer pays market price...

If sold, they can just walk away.

[kdash]

If sold, they can just walk away.

go all the way there liao ma. i did walk away la... tell me the smell in the car is not cigarette smoke was the last straw

[Ysc3]

Two parallel import car dealers shut suddenly, allegedly owe customers $300,000 in deposits

 

SINGAPORE - Two parallel import car dealers have shuttered without notice, leaving customers who have paid a total of some $300,000 in deposits in limbo.

Apex Car, located on the second storey of Automobile Megamart in Ubi, allegedly owes at least five customers about $206,000 in total.

At the nearby First East Centre in Kaki Bukit Road 2, Novelty Auto has closed its ground floor showroom after failing to deliver cars to at least four customers, who paid about $98,000 in total as deposits.

These sudden closures have led the Consumers Association of Singapore (Case) to issue public warnings against both companies recently.

"Consumers who suspect that fraud is involved should report such cases to the police," Case said in a notice on its website.

The police confirmed that reports have been made against both companies and said they are looking into the matter.

Both showrooms were closed when The Straits Times visited them last week.

The signboard of Novelty Auto hung above an empty showroom, while little trace of Apex Car remained - its signboard has been removed, leaving just a faded red Chinese New Year banner that read "prosperity in business" above its locked glass door.

The two companies are not linked, according to records from the Accounting and Corporate Regulatory Authority.

Apex Car is owned by Singaporeans, Mr Lim Mount Neng and Mr Chew Boon Meng, both in their 40s.

The company, which has been in business since 2010, has a paid-up capital of $10,000.

It claims on its still working website that it is one of Singapore's top parallel car importers. The website also has a logo of the "Top 100 small and medium-sized enterprises award" from the little-known Singapore Enterprise Association, a private company with a paid-up capital of $100, which organises events.

Apex Car's sudden closure has caused problems to not just its customers, but also Apex Trading, another car dealer with a similar sounding name, which has a showroom just several doors away.

"There were people who came to my showroom asking about the closure. We are not related," said Mr Lim Lee Heng, owner of Apex Trading. "I have been in the business for more than 20 years and my company is CaseTrusted," he added, referring to the accreditation scheme run by Case. "The closure (of Apex Car) has tarnished the reputation of my company."

Novelty Auto, which has been operating for only about nine months, is solely owned by Mr Wong Hwee Cheia, a Malaysian in his 30s.

The owners of both Apex Car and Novelty Auto could not be reached for comment.

Meanwhile, Case said that the car industry has topped its complaints list for the past six years.

In the past three years, it received complaints related to 17 car companies that have suddenly closed, leaving customers in the lurch.

While some of the closures could be a result of business failures, two of these were two high-profile criminal cases. In 2016, Poh Chee Tiong, the boss of Cars Today, was jailed seven years for cheating 71 buyers, 14 sellers and four finance companies of a total of $3.16 million in money and cars.

Last year, Volks Auto owner Koh Chek Seng was jailed for 10 years for cheating 182 people, in what was believed to be the largest cheating case in the car industry, involving some $6.1 million.

Case executive director Loy York Jiun advised those drawn to cheaper parallel import cars to be wary when prices are too good to be true.

"Always negotiate to pay as low a deposit as possible upon signing the contract. Do not make full payment upfront to the parallel importer," he added.