I get calls from people wanting to sell scam all the time. Sometime they call from overseas but sometimes they are locals. I just got a call from a land banking company which is still selling their plots of land despite they cannot do so anymore. If I am not in the financial industry, I would have easily felt for such scam. It is almost as common as receiving calls from banks promoting their latest personal loans and credit cards. I don't know why MAS is turning a blind eye on this. Very often my friends and clients would tell me that if it is truely a scam, the regulator would have taken action. Since the regulator isn't doing anything (and especially it has be going on for years), it implies that it isn't a scam. Unfortunately our MAS is well known NOT to take any action even over many many years and even decades. For example, it knows that commissions from life insurance products have caused so much harm to the industry but it just ignored the problem. Thus it is important for people to take care of themselves and NOT to rely on regulator for help. If you do not help yourself, nobody will. I suggest to all my clients that if you come across any investment opportunities that sound too good to be true, please consult me. If you want to risk it, it will be better of giving to charity - at least someone else will benefit from it.