Singapore business owner cheats 9 people out of their investments, then steals $260,000 to pay them back

Alvin Goh Shu Min cheated nine investors of about S$160,000, which he used for his personal expenses. - ST

SINGAPORE (The Straits Times/Asia News Network): A business owner promised investors returns of up to 70 per cent each year if they invested in his food business venture.

Alvin Goh Shu Min, 41, cheated nine investors aged between 40 to 69 of about US$160,000, which he used for his personal expenses.

In order pay them back, he lied to a remittance agent that he wanted to exchange foreign currency worth S$260,000, but instead, ran off with the money when the agent was distracted by a phone call.

On Wednesday (Dec 22), Goh pleaded guilty to three charges that include misappropriating money and criminal breach of trust.

Another five charges that include similar offences were taken into consideration.

His sentencing was adjourned to next February.

The court heard that between 2017 and 2018, Goh advertised online for investors willing to invest at least $20,000 to open a franchised outlet of fArt tArtz cafe, Deputy Public Prosecutor Melina Chew told the court.

Goh told nine interested persons the start-up capital needed was up to $250,000 and the return on investment would be between 35 to 70 per cent each year.

They transferred around $20,000 each to a bank account linked to Goh that added up to $160,000 by the end of 2018. Goh quickly withdrew each deposit, and the bank accounts was depleted by the end of the year.

DPP Chew said Goh admitted that the money was "dishonestly misappropriated" to cover the expenses of his other businesses and his own personal expenses.