Profitable Group - is it credible?

[kelvintyy]

Hi Guys

Hi there,

just to update every one, Profitable Group still hasn't pay me my boron payout yet. Just came back from overseas and I saw the TV news on Profitable Group last night at Channel U. Also saw so many news reports vs them. I guess by now, these guys are listed public enemy number one.

I already treat that my money is thrown into the sea. I hoped the affected investors move on with their lives. Mentally, it is very stressful I know. Try to focus on other things like your family or WORLD CUP! Please take care of your health.

And one more thing, I do not know if it is true. I heard news that their land acquisition director, Nigel B. had left the board. He is also one of the shareholders of PG. Need to check with ACRA again. This sounds quite scary.

Anyway, I will move on with my other things in life. As and when I will drop by and give you my update.

 

[TanAhKhow]

FOR YOUR INFORMATION.

source : http://watcher-watchout.blogspot.com/2009/03/scammed-out-of-our-slippers.html

13. ProfitableCapital.com

http://www.propertyscam.org.uk/d6plinks/7HCBME

http://www.lioninvestor.com/profitable-capital-group-alert/

Profitable Capital Group is a scam. They are misusing another company’s name to operate a ponzi scam that promises outrageous returns like Swisscash (or Swiss Mutual Fund)and unfortunately, many Singaporeans joined them and history always repeat itself.

14. Profitable Plots Landbanking

Raided by Malaysian Government! Investors in Singapore never get paid.
http://www.alantanblog.com/investment/land-banking-is-a-scam.html

http://www.propertyscam.org.uk/d6plinks/7NYCFK

SOURCE : http://www.lioninvestor.com/profitable-capital-group-alert/

On the website of the Profitable Capital Group, it states that they have signed a 3 year sponsorship with ESPN, recently launched AA and AAA plots and that they are part of (well-known) The Profitable Group.

The Profitable Group has issued a statement that the Profitable Capital Group is not part of their company and warns investors to be careful. The actual company that has signed a deal with ESPN and launched the AA and AAA plots is The Profitable Group, not Profitable Capital Group.

It is clear that the Profitable Capital Group is a scam. They are misusing another company’s name to operate a ponzi scam that promises outrageous returns.

SOURCE : http://www.alantanblog.com/investment/land-banking-is-a-scam.html

2) Profitable land banking scheme or clever scam?
By : Tan Choe Choe , Source: NST Online -2008/11/23
KUALA LUMPUR: Some 2,000 Malaysians have invested over RM50 million in foreign land banking schemes.

The Companies Commission of Malaysia (SSM) is investigating three of these companies.

They offer plots of land in foreign countries for investment, notably in England and Canada, and promise extremely high rates of return, some as much as over 800 per cent.

 

[probono]

MAS issues warning on Land Banking Schemes

A little late but the advice is good. Try testing Profitable Group against this.

http://www.moneysense.gov.sg/publications/quick_tips/Consumer_Portal_Land_Banking.html

What are the key risks?
a) It could turn out be a scam
Investing in land is not always equivalent to investing in solid ground. Some land banking schemes have turned out to be scams.

Key Questions to ask yourself
a) What do you know about the land you are purchasing?

Often the land is abroad in UK or Canada. Ask yourself whether you really want to buy a plot of land that you have never seen. ...how much do you understand about the property, prices and land development laws in that country, and in that area? How can you be sure if the purchase price quoted to you is a good deal? Do you know what is the likelihood of the land value rising? Do your own research and do not simply rely on the salesman’s advice. They may exaggerate the value of the land in order to close the sale.

b) What do you know about the company you are dealing with?
There might be a professional looking website and an authentic sounding name but what is the background of the company? Have you checked if the firm is regulated in the country that they are set up in or selling the land in? (note: Profitable Group/Plots is not regulated in the UK and was forced to close down there) Have you found out what recourse options would be available to you if you later find that you have a problem in your dealings with the company?

c) What do you know about the law of the country where you are investing in?
What would be your rights to the land as an investor? What recourse is there if a dispute arises with the company?

d) How can the company afford to offer such high returns or promise of a big profit? What are the returns dependent on and how often will you receive them? Are the returns guaranteed and do you have this in writing? How easily can you find out about any increase or decrease in value of the land? How long must you stay invested for and what are the pitfalls if you need to draw out your money early?

 

[cacwai]

A little late but the advice is good. Try testing Profitable Group against this.

http://www.moneysense.gov.sg/publications/quick_tips/Consumer_Portal_Land_Banking.html

What are the key risks?
a) It could turn out be a scam
Investing in land is not always equivalent to investing in solid ground. Some land banking schemes have turned out to be scams.....

Wow... this is great! They should have published this immediately after every ad PG had run on mainstream channels instead of sneaking it into their moneysense webpage where many people here don't see to know about until they were caught in the trap.... great warning! When was it done? Yesterday? Sounds like a cover my behind initiative from MAS... if you are going to warn people so much about land banking being a scam, why not just regulate the darn industry and prevent more ignorant and innocent investors from falling prey? Ridiculous!

 

[lioninvestor]

Wow... this is great! They should have published this immediately after every ad PG had run on mainstream channels instead of sneaking it into their moneysense webpage where many people here don't see to know about until they were caught in the trap.... great warning! When was it done? Yesterday? Sounds like a cover my behind initiative from MAS... if you are going to warn people so much about land banking being a scam, why not just regulate the darn industry and prevent more ignorant and innocent investors from falling prey? Ridiculous!

Last modified on 10/6/2010

 

[lioninvestor]

Hi there,

just to update every one, Profitable Group still hasn't pay me my boron payout yet. Just came back from overseas and I saw the TV news on Profitable Group last night at Channel U. Also saw so many news reports vs them. I guess by now, these guys are listed public enemy number one.

I already treat that my money is thrown into the sea. I hoped the affected investors move on with their lives. Mentally, it is very stressful I know. Try to focus on other things like your family or WORLD CUP! Please take care of your health.

And one more thing, I do not know if it is true. I heard news that their land acquisition director, Nigel B. had left the board. He is also one of the shareholders of PG. Need to check with ACRA again. This sounds quite scary.

Anyway, I will move on with my other things in life. As and when I will drop by and give you my update.

Hi Kelvin,

Where did your news came from?
Also, what was reported on Channel U?

 

[Commander Keen]

Dont lie down.......

Hi there,
I already treat that my money is thrown into the sea. I hoped the affected investors move on with their lives. Mentally, it is very stressful I know.
And one more thing, I do not know if it is true. I heard news that their land acquisition director, Nigel B. had left the board. He is also one of the shareholders of PG. Need to check with ACRA again. This sounds quite scary.

Kelvin. Someone got paid (think it was vocallocal) by making a lot of legal noise.
http://tankinlian.blogspot.com/2010/06/selective-repayment.html

Vocal Local hasnt posted here since his legal case so sure it was him. Lawyers do seem to work.

 

[kelvintyy]

Hi Kelvin,

Where did your news came from?
Also, what was reported on Channel U?

Hi bro,

the news came from somebody I know who has been constantly checking the company.. But the best thing to confirm if the news is true, you got to buy their company report from ACRA at S$5 and then you will know if the director had pulled out from the board or not. Black and White is still the best.

Channel U News screened on Thursday 11pm news. It's about the event on speaker's corner.

Guess we have to be a little bit careful posting things here, cos I have a same feeling that one or two of us might be from PG. Anyway, take care guys!

 

[kelvintyy]

Kelvin. Someone got paid (think it was vocallocal) by making a lot of legal noise.
http://tankinlian.blogspot.com/2010/06/selective-repayment.html

Vocal Local hasnt posted here since his legal case so sure it was him. Lawyers do seem to work.

Hi Commander Keen,

thanks for the encouragement.

 

[probono]

Buying time for what ?

What is certain is that PG is buying time. PG does not have liquid assets is the other certain thing. Now if you mean to make the deal with philippines, get the money and run away i really doubt that. I see no signs of cashing out and going away. But we can always assign a small probability to this. As of now is a company trying to survive, deferring payments-many times with stupid excuses as many said...

You need to study game theory. Lets assume this is the end of the game. UK land banking is declared a probable scam by the UK Gov and the MAS. Profitable Boron it seems never existed. Now everyone is hanging on for a deal in the Philippines which nobody knows anything about. Assume none of those things are viable to new customers given all the bad press so the company cannot sell anything significant anymore.

At the end of the Game player one (Profitable Group) has taken S$100M + from UK Land Banking and who knows how much from Boron and the AAA stuff.
Player 2 the customers has a set of paperwork with numbers on it and some plots of useless Greenbelt Land.

Profitable Group have 4 choices
1: Pay everyone back (which i'm sure they cant because they will have had selling expenses and all those ESPN adverts to pay for)
2: Pay a few people back and hope the rest write it off
3: Do nothing at all and dont pay anyone back
4: Migrate to another location and dont pay anyone back anything

Most foreigners leave Singapore when they cant earn money here. They retire to places like the Philippines or Thailand or they go home.
If the Profitable Group directors really like living in Singapore they might chose option 2 or 3. With option 2 the risk is that once word gets around that they are paying the "troublemakers" they will find themselves with a lot more demanding trouble makers. With option 3 the risk is that someone will win a public court case (as Vocal Local got very close to doing) and that will open the floodgates for legal action.

With option 4 you lose your reputation (!) in Singapore and maybe have to abandon some assets. When UKLI failed after taking S$150M from investors the owner moved from the UK to Dubai. leaving behind pennies on the pound according to this BBC radio 4 interview. UKLI also "diversified" investing the land banking profits in a wide range of associated companies leaving no money to be refunded when it folded. Profitable Products anyone ?

The directors of PG are foreigners. I dont know if they have assets in Singapore but even if they do would it exceed an apartment mortgage and a car loan ?
My view is they wil run. The Government should do what the UK did. Force them to offer refunds to those that want them. If they wont play ball freeze all the assets and return pro-rata to investors. It will only be a few cents on the dollar but better than nothing.

See also this post from the Victims of Profitable Group blog . He is a Canada investor and Profitable changed the name of the company and he cant collect anymore. Yet the new company is still selling Concorde Village offering between 12% and 18% per year.

Game theory is about utility - Financially option 4 is best for PG

The customer has 4 choices
1: Write it off. PG will take your money and go scam other people.
2: Do nothing and hope those good guys will pay out. Same as 1:
3: Sue quietly and make a deal. PG will delay and delay and make an offer but may pay out eventually. Or if they get many such claims they may run.Other people will still get scammed.
4: Sue with the backing of the press - PG may pay or they may run but at least not as many others will get scammed.

Game theory is about utility - Financially option 3 is best for the customer

 

[wentai80]

Dear fellows,

Just an update;

I've met up with Selva as well as Simon Dawson today.

According to Selva, the cost of bringing PG to court over the overdued Boron will not be justifiable (for my case as it's only 10k USD). PG is a Dubai registered company and even if the courts in Singapore ruled in our favour, we still need to engage a Dubai lawyer to seize their assets in Dubai (if they have any). Anyone checked on their assets in Dubai? Because if they do not have any, we still won't be able to get anything back.

I'm thinking of pooling money for the lawyer engagement fees. Anyone?

The best option is to wait out and hope that their plots really earn money to be able to pay out to those PP investors, then to Boron investors.

As for Simon, he did confirm that Nigel B left the company as well as also promised (again...) payment will be made in anbother 6-9 months time when funds come in from the Philippines deal. Also, PP will make a press release on this deal in the next 2 weeks time.

So, to be positive, I would cross my fingers and pray that it will turn out as what he have committed. Otherwise, I am already mentally prepared.

 

[Adeius]

Hi

When did PG become a Dubai registered company? It was Singapore registered company isn't it? I was told that the the Office here is the HQ when I bought the land from PG. It is really confusing now. Some lies again from PG.......

 

[wentai80]

Hi

When did PG become a Dubai registered company? It was Singapore registered company isn't it? I was told that the the Office here is the HQ when I bought the land from PG. It is really confusing now. Some lies again from PG.......

Hi, if you are talking about land banking, then the company is Profitable Plots Pte Ltd, which is registered in Singapore.

Mine is Boron, and it is registered under Profitable Group Ltd PO Box 1961 Dubai United Arab Emirates.

 

[GeorgeBoron]

Hello,

This case is valid for Borron only that Dubai office is involved. However many of us have AAA or VIP plots investments DIRECTLY with PG Singapore. In those case we can certainly sue the company in the local singaporean courts if they default on their anual interest payments...

So what i suggest is CONVERT Borron to AAA or VIP lots but not concord village. I m trying to do the same but PG is asking me to top up a lot and we are still negotiating...

Dear fellows,

Just an update;

I've met up with Selva as well as Simon Dawson today.

According to Selva, the cost of bringing PG to court over the overdued Boron will not be justifiable (for my case as it's only 10k USD). PG is a Dubai registered company and even if the courts in Singapore ruled in our favour, we still need to engage a Dubai lawyer to seize their assets in Dubai (if they have any). Anyone checked on their assets in Dubai? Because if they do not have any, we still won't be able to get anything back.

I'm thinking of pooling money for the lawyer engagement fees. Anyone?

The best option is to wait out and hope that their plots really earn money to be able to pay out to those PP investors, then to Boron investors.

As for Simon, he did confirm that Nigel B left the company as well as also promised (again...) payment will be made in anbother 6-9 months time when funds come in from the Philippines deal. Also, PP will make a press release on this deal in the next 2 weeks time.

So, to be positive, I would cross my fingers and pray that it will turn out as what he have committed. Otherwise, I am already mentally prepared.

 

[kelvintyy]

Be Extra Alert Guys

What PG is doing now is trying to turn their tables on to you. Using your fear of losing more or fear of not getting back your money. They want to control the ball game again. They will try to convince you again to top up more money, put into some other of their investments and then 'hopefully' you will be paid in another 6 to 9 months. If they dare to put it down in writing with their directors' signatures and company stamp, then you can sign any agreement. For this form of written agreement, in times of uncertainties and potential dishonored payouts, this will be your best evidence for the authorities as well as your best evidence against them even if they have the best lawyer.

Before you signed anything, ask your lawyer to review their new contracts first, and draft this written agreement in favor of you. Just like doing business, we always need to have a win-win situation and be fair to both parties. Remember, they are talking business to you now. They are not regulated to talk investment with you. Do not be overwhelmed by your emotions.

 

[Drav03]

Hi Guys,

I totally agree with Kelvin. Please do not try to top up more money to buy anything from them. They are listed on MAS alert list already. They heavily pressured me to convert all my Borons lots to CV plots and also buy some special AAA plots. I stayed away from that and will never put another single cent into this company again in my entire life. Once bitten twice shy. We have to learn from our bad experiences. Stop making the same mistake twice. Converting may only complicate matters when u start engaging lawyers to fight for ur returns. Think twice before signing their dotted lines.

 

[scammersdie]

Sit and wait... or take action

I am part of the group that organised the talk at Speaker's Corner with Mr Tan Kin Lian. We also orchestrated the free media publicity for Profitable Group in all the local papers recently.

Like anyone of you, we simply want our hard-earned money back, that's all. Nothing more, nothing less. Each of us visited PG's office time and again, only to be given false promises and lies every time. I read that some of you have investments (Boron, AAA) that matured this year. Well, some of us in the group have investments that matured more than 1 year ago, and we have been playing this cat & mouse game with them ever since. We have gone to the police, CASE, MAS, SPRING, CAD, issued Laywer's demand, and YET PG has refused to pay up.

Before launching this media blitz on them, we even made a last min appeal for them to return us our principal sum, fore-going all interests due and losing out on the exchange rate, but PG were unable to pay.

Hence, we did the only thing left for us to do.

For those of you who still want to sit on the fence and hope for the best, we respect your decision. For those who has decided "enough is enough", email to join us at petition_on_landbanking@yahoo.com. We currently have confirmed 110 investors who have signed up to take firm actions.

Thank you.

 

[scammersdie]

...the reality

http://profitable-group-victims.blogspot.com/

 

[Yorixz]

Treat it as a lesson then.

 

[satayxp]

Treat it as a lesson then.

nice answer u learn from the Yacock minister