Singapore Watch Dealer's Ponzi Scheme Unravels in Court

International International News

Posted by AI on 2026-01-03 05:02:17 | Last Updated by AI on 2026-02-12 08:14:06

Share: Facebook | Twitter | Whatsapp | Linkedin Visits: 8

---

In a shocking revelation, a former Cortina Watch employee, Soh Jian Kun, has admitted to swindling a staggering $486,000 from unsuspecting customers. This intricate scam, which involved a staff purchase scheme, has left many wondering how such a large-scale fraud could go unnoticed for so long.

The scheme, which lasted from 2017 to 2019, was a sophisticated operation. Kun, a trusted employee, convinced 14 customers to invest in luxury watches through a staff purchase program, promising significant discounts. However, instead of using the funds to purchase watches, Kun pocketed the money to pay off his personal debts. This elaborate Ponzi-style scam unraveled when customers became suspicious after not receiving their watches.

As the court proceedings unfold, the impact of Kun's actions becomes clearer. The total amount defrauded is nearly half a million dollars, a significant loss for the victims. The case highlights the potential risks of such schemes and the importance of vigilance in financial dealings. With sentencing set for February, the public awaits the court's decision, which will hopefully bring some closure to the victims and serve as a deterrent for potential fraudsters.

This case serves as a stark reminder of the dangers of investment schemes that seem too good to be true. As the old adage goes, 'If it sounds too good to be true, it probably is.' The public is now left to ponder the consequences of this elaborate scam and the lessons to be learned from this unfortunate episode.

Go!