Eastern Land Capital Partners Limited (ELCP) were introduced to us through two investment brokers :Mbuso Capital(South Africa) and NISK Capital Advisors (Kenya). Our first call was held with George Fung who described himself as the project manager. After the investment “screening” we were invited to meet the Vice Chairman of the company – Mr SK Lin – in Mauritius. We met Mr Lin who said he was connected with the Chinese government and were interested in multiple real estate projects in Kenya. They said they would send someone from HK to do due diligence. | A guy named Scott Liu was sent from a company called Megalink. We were told that we would have to share the cost of the Due Diligence. Scott did not even perform perfunctory DD, basically taking a few pictures of the plots where the projects would be developed and did not ask a single question. Following the DD we were sent an invoice for $25,000 and the payment to be made was not in the name of Megalink but to a bank account in the name of an individual named Wu Wei. | Further we were asked to write in the payment reference that this was a bonus payment. This was the biggest red flag. | As this was being “processed”, we received the funding agreement which was a clear indication that this enterprise was a huge scam. The jurisdiction of the funding was changed from Mauritius to Las Vegas and subsequent discussions it became clear that these guys are scammers. There address in Hong Kong is a popular building and the address of a European bank (which does not offer any trust/admin services), their phone number was never answered and they refused to take meetings in HK at their “office”. | The scam is very simple. They promise you huge investments – on the order of $50 to $100m and make you sure you contribute a “small” amount say $2-5m. Then they ask you for a “small” DD fee – around $25-50K. Once you make that pmt they will keep changing goal posts to frustrate you. They know the amount is too small for someone who has at least single digit millions and will not bother chasing them. Thus they collect $25-50K from multiple entrepreneurs. | We had given a heads up to the advisors who are supposed to the brokers in between and carry DD on the investor, but greed got the better of them and neither of the advisors performed even basic DD – not even a call to see if they had a legitimate phone number. The guy who posed as the the vice chairman (SK Lin) is the same guy who posed as BJ Lee in the Grand Pacific Investments scam. Same fellows running the scam around the world under different names and spoiling the name of Chinese investors.
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