Two Singapore Wealth Gurus Declared Bankrupt; S$5M Investor Funds at Risk

Two self-proclaimed wealth gurus who promised investors guaranteed annual returns of up to 15 per cent have been declared bankrupt, leaving more than 50 people with S$5 million locked in their schemes. Lim Jian Bin, 36, was declared bankrupt in July 2026, while Jason Fong Wai Hong, 46, became bankrupt in April. Both men used social media and wealth seminars to attract investors into vending machine and property deals before going silent. Police are investigating multiple reports filed by worried investors.

How the scheme worked

Lim, a former private-hire driver also known online as Takeshi Lim, and Fong presented themselves as successful businessmen. They drove Lamborghinis, wore expensive watches, and attended wealth seminars where they pitched investment opportunities. Lim promoted a vending machine business called Nozomii Vending, claiming it operated over 500 machines and offered annual returns of 5 to 10 per cent. Fong promoted a 134 square metre property in Telok Blangah Heights running an unmanned laundromat, promising 15 per cent yearly dividends. Both men were business partners and ran a Korean facial treatment franchise together starting in April 2023.

Investor losses mount to S$5 million

From 2023 onwards, more than 40 investors committed up to S$4 million to Lim’s vending machine business. One financial adviser invested S$484,300, more than half funded by bank loans, and still has S$196,000 locked in the scheme. Seven investors placed a combined S$390,000 into Fong’s Telok Blangah property deal. A 58-year-old retiree invested S$50,000 after meeting Fong at a wealth seminar in 2022. Initial dividend payments came promptly, then slowed before stopping altogether.

Bankruptcy and disappearance

Fong travelled to Kuala Lumpur on 21 June 2026 and has not left Malaysia since his April bankruptcy declaration. Lim sent messages to some investors after his July bankruptcy, apologising for losses and claiming he faced harassment and business sabotage. Police told The Straits Times that investigations into both cases are ongoing. Multiple investors have filed police reports, with some suspecting a Ponzi scheme structure where early payouts were funded by new investor money rather than genuine business returns.

Red flags investors missed

Both men relied on lifestyle displays and social media to build credibility. They posted photos in front of supercars during a Kuala Lumpur trip and shared images of expensive watches and designer clothing. Neither man disclosed their actual business experience or financial qualifications. Lim’s claim of owning 500 vending machines and commercial properties was never independently verified. The promised returns of 15 per cent annually far exceeded typical market rates for property and vending machine investments, a warning sign of unsustainable schemes.

Final Thoughts

The collapse exposes the danger of unverified investment claims on social media. Investors chasing guaranteed high returns with no independent verification face total loss. Always verify credentials and seek professional financial advice before committing capital.

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