How their trouble started


The scheme promised a hassle-free investment in the properties in Memphis and Indianapolis.

Investors were told they would own the properties, which would be repaired before being rented out within three to six months. Then they would be earning passive income from the tenants.

None of the investors was familiar with the US property market and they left it to self-styled property guru Clara Tan, who allegedly told them she would handle everything, from the loans to legal letters.

That CTL Global appeared to be a "one-stop shop" drew many of the Singaporean investors in.

Then, out of the blue, the home owners received letters from lawyers in the US telling them to pay up or their property would face foreclosure.

At their wit's end, seven of the 300 investors decided to share their stories with the press.

The New Paper on Sunday met them on Jan 24. They said they received no returns from the rentals.

Instead, US banks sent them letters for mortgages unpaid and warned of foreclosing the properties.

Ms Tan, who made the "sales pitch", had also stopped taking calls and answering e-mails, they claimed.

The seven have since made police reports against both Ms Tan and CTL Global.