MOHD AL-FAISAL (Get-rich-quick scheme)

Mr Ling How Doong asked the Minister for Finance how many people have lost money through Mohd Al-Faisal who was reported to have masterminded a get-rich-quick scheme resulting in the loss of about $35 million by investors.

RAdm Teo Chee Hean (for the Minister for Finance): Mr Speaker, Sir, the Commercial Affairs Department (CAD) investigated the affairs of Mohd Al-Faisal (Faisal) in 1991 following a complaint that he was taking deposits from the Muslim community, offering high interest rates for the deposits or a paid trip to perform "haj" in lieu of interest payments. Based on the deposits agreements seized at Faisal's premises during the course of the investigation, CAD has established that between April 1991 and December 1991, Faisal had received deposits totalling $12.7 million from 738 investors.